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Old Feb 19th, 2008, 08:17 PM   #1
MGB
 
 
Join Date: May 1999
Posts: 446
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"?
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Old Feb 19th, 2008, 08:21 PM   #2
Drew07
 
 
Join Date: Jul 2006
Location: Chicago, IL
Posts: 370
I used turbo tax online. The deluxe edition has the form you're looking for.
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Old Feb 19th, 2008, 11:29 PM   #3
huh
 
 
Join Date: Mar 2007
Posts: 459
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
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Old Feb 19th, 2008, 11:37 PM   #4
rmmsmh
 
 
Join Date: Feb 2005
Posts: 9
Wash Sale rules do not apply to commodities under 1256 contracts. It does apply to securities like stocks and options.
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Old Feb 20th, 2008, 10:33 AM   #5
yip1997
 
 
Join Date: Oct 2005
Posts: 1,236
Quote:
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"?
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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Old Feb 20th, 2008, 10:35 AM   #6
DataCruncher
 
 
Join Date: Jan 2008
Posts: 842
are there any versions of tax software that let you append footnotes?
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