No, you misunderstand the problem with boxes 8, 10, and 11. I believe Box 8 should show P/L on ONLY the closed trades, Box 10 should show MTM P/L on ONLY the trades still open at year's end, and Box 11 should show MTM P/L on ALL positions held during the tax year, that is, the sum of Box 8 and Box 10. But the problem is that on my broker's 1099, Box 10 is zero, instead of giving the non-zero P/L on trades still open at year's end; and Box 8 merely equals Box 11, instead of showing P/L on ONLY the closed positions.
I sincerely don't understand your problem. In TurboTax if you choose anything but 1256 section contracts option, 1256 form reported by broker becomes irrelevant and it's upon you to enter all your data.
Why wounldn't you want to share the name? I have three futures brokers and everyone of them printed correctly to the penny on the statements and 1099s. And I purpose you are not the only customer they have.
gkishot, are you saying that you don't understand why I think my broker provided an incorrect 1099-B, or are you saying that you don't understand why I should be concerned about whether the broker did so, or are you saying both, or are you saying something else?
This has turned silly. gkishot has the correct take ... Whatever broker reported does not matter much as its in your right to agree or disagree with his reporting. ... Your broker does not care about your IRS trouble. Your broker does not even know the tax-related options you want to elect or use for filing! More specifically, YOU need to IDENTIFY the mixed straddles within your account(s) and to the IRS. And once you go this route, the election is permanent unless revoked by the IRS. You will want to spend time to understand IRS code 1092... IMO, you have not described the proper election for your situation. Seek professional advise. Here is an OK overview starting point imo, for your own research... Click links too. https://answerconnect.cch.com/feder...80cf001b7840a5b204e1/mixed-straddles?single=1
I think OP's original point is that the broker didn't print 1099 box 10 correctly even thought he has an open position.
That's because the OP DID NOT identify positions as mixed straddles or the account is not setup as a mixed straddle account... https://answerconnect.cch.com/feder...b204e6/elections-for-mixed-straddles?single=1
I am saying if you choose 1256 section to report, use Box 11 from your broker and you will be fine. If you don't select 1256 section to report, report your own accounting and you will be fine too. And as somebody advised here, talk to your broker to change your accounting preferances.
tiddlywinks makes incorrect assumptions about straddles in our account. I also fail to see any relevance, of his assumptions, to this thread's topic, which is the question as to whether my broker provided an incorrect 1099-B. The various rules, cited in this thread, also have no such relevance. The question is whether the 1099-B is accurate, NOT whether accuracy of the 1099-B matters. I believe it does matter. I disagree with those who say it doesn't matter. I began this thread, on the assumption that accuracy of the broker's 1099-B does actually matter. I think that a broker, providing its customer an incorrect 1099-B, imposes burdens and risks on that customer, and that this risk is not understood by those who say an incorrect 1099-B doesn't matter. Can anyone cite a IRS rule or ruling, or any other official IRS indication, or even a private sector legal or accounting or other expert opinion, or any other supporting evidence, that accuracy of the broker's 1099-B doesn't matter? The opinions in this thread sound, to me, like people who smoked all their lives and didn't get cancer, so they are now advising others not to worry about smoking, because the life experience of these healthy smokers proves there is no cancer risk from smoking.
The blind is arguing with the deaf over what an elephant is while the OP is actually holding a giraffe. show the screenshots of your 1099-b. Share your broker‘s name so others who use that broker can compare what they are getting. Or talk to the broker and accept their anwser. my guess is that you don’t understand trading or taxes but still think that there’s secret information in all this. until then this is a circle jerk of well meaning helpful people.