reporting 1256 contracts PL from IB

F

fusiforme

I trade some VIX product options (SVXY, UVXY VXX, VIX).

In previous years if I remember correctly when I imported my IB info into Turbotax, it would show the PL for each individual option traded along with individual stock trades on my 1099.

Looking at some of my other broker 1099s from this year--for example Tastyworks--it seems this approach is still used by some brokers.

But this year I see no options info on my Interactive Brokers 1099 and none was imported into Turbotax so far as I can see? Is IB taking a new approach to reporting these trades to the IRS?

I do see all my VIX options trades are listed on the 1256 contract worksheet.

What is the best way to enter this information into Turbotax? I'm assuming I don't need to enter each individual trade myself.

According to a previous post I read you can simply state your total from 1256 contracts on your 1099 along with your other trades, breaking up the total amount 60% long term/40% short term.

Is this information correct and if so would I simply use "1256 contracts" as my description for the trade and "VARIOUS' for the dates?

Thanks for your help!
 
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My 1099b/1256 from IB is incorrect on assigned or exercised VXX options.
It looks the premium received/paid on options appears as pure
profit/loss in 1256 and is also included in the vxx stock cost in 8949.

Shortly, premium it's double counted.

i.e. if I wrote a option for 1000$ premium, got assigned and immediately
bought the stock to zero out ,the 1000$ appears as profit in 1256 and also gets added
in the proceeds of the stock.
Basically, according to IB, I'd have to pay taxes twice on the 1000$.

Does anybody else on this forum have the same problem with VXX options in 1256?
 
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