Below are instructions for entering profit or loss on regulated futures contracts from Form 1099-B, Proceeds From Broker and Barter Exchange Transactions.
Follow these steps to enter Form 1099-B regulated futures contracts:
- Go to the Input Return tab.
- From the left of the screen, select Income and choose Dispositions (Sch D, etc.).
- Choose Sch D/4797/etc. from the dropdown menu.
- Click the Details button in the Quick Entry grid to expand.
- Under the Dispositions (Schedule D, 4797, etc.) section, enter the following fields:
- Description of property
- Date acquired (negative date=various)
- Date sold (negative date=various)
- Cost or other basis (do not reduce by depreciation)
- At the top of the screen, click the three dots and choose 4684, 6781, 8824, 4255.
- Scroll down to the Contracts and Straddles (6781) section.
- Enter a 1 in 1=1256 contracts, 2=straddles, 3=memo only (triggers 6781).
- Enter the gain reported in Section 1256 contracts gain (loss) as it appears on Form 1099-B.