Turbo Tax Deluxe help???

vrodtrader · Mar 24, 2004

Can someone please tell me how I should do it properly. I could not find any instructions to file my futures & options trading, using Turbo Tax Deluxe.. I incurred about $500 loss in futures trading and $1,500 loss in options trading in 2003. Which forms should I use to file my losses?

Thanks...
Vrodtrader

nkhoi · Mar 24, 2004

http://www.irs.ustreas.gov/pub/irs-pdf/f6781.pdf

and schedule D for option I think, it has been a while

crackedback · Mar 24, 2004

Most options go on Sch "D". Futures on form 6781

Later,

Cracked

ElectricSavant · Mar 24, 2004

sorry no loss allowed....just zero or above on futures....i do not know about options...

If you want i can go through the menu and find the place in turbo tax...but it won't take negative numbers...so don't sweat it...

Michael B.

vrodtrader · Mar 24, 2004

Wow... I never knew that we are not allowed to claim loss from futures trading. I guess I can only claim up to $3,000 on options trading loss.

Thanks to those peope who repsonded to my question.

Vrodstud

TGregg · Mar 24, 2004

Quote from vrodtrader:

Wow... I never knew that we are not allowed to claim loss from futures trading. I guess I can only claim up to $3,000 on options trading loss.

Thanks to those peope who repsonded to my question.

Vrodstud

Uh oh. I heard from a supposedly bright tax guy that you can deduct futures trading losses if you have offseting income (even earned income).

I freaken hate tax time.

range · Mar 24, 2004

In TurboTax, go to Forms, then select Open a Form, go to 6781, and put your futures summary per acount in Part I. Index options (such as S&P options) also go in Part I, if I am remembering correctly. Individual stock options and some others (such as QQQs) go on Schedule D.

mmm · Mar 24, 2004

You can recognize losses on futures contracts, possibly up to $3,000 a year, but I am not entirely sure. Best bet is to contact the IRS, or to post your question on the forum at http://www.greencompany.com

-- M

range · Mar 24, 2004

TurboTax will treat your losses correctly. You can recognize up to $3,000 in net losses (not offset by gains). For futures and index options, 60% of the gain or loss is long-term.

ElectricSavant · Mar 24, 2004

Has there been a change? in the the tax year 2001 I had a loss in futures and could not enter the negative number in turbo tax...When I ran the error reporting I had to remove it...I called the IRS at that tim to verify and they said no negative numbers.....

Michael B.

Quote from range:

TurboTax will treat your losses correctly. You can recognize up to $3,000 in net losses (not offset by gains). For futures and index options, 60% of the gain or loss is long-term.