Section 1256 contract or straddle

M

MGB

TaxCut.com and TaxBrain.com don't support "Section 1256 contract or straddle".

What programs do you use for entering your taxes and for entering your option trades. What programs support "Section 1256 contract or straddle"?
 
Another question regarding tax stuff since it's taxtime. If I trade just indexes like RUT which are 1256 contracts, do I need to be vary of the wash sale.....ie if I trade vertical spreads every month does that mean it's a wash sale on the loss of one of the option contracts in the spread? Or does the wash sale rule not apply here?

Thanks
 
Wash Sale rules do not apply to commodities under 1256 contracts. It does apply to securities like stocks and options.
 
Quote from MGB:

TaxCut.com and TaxBrain.com don't support "Section 1256 contract or straddle".

What programs do you use for entering your taxes and for entering your option trades. What programs support "Section 1256 contract or straddle"?
More...

I used taxcut premium last year. I think I entered my 1256 contract with the software. I haven't started my tax report yet, and so have no idea on the new software.

Which version of taxcut do you use?
 
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