So nobody made money trading futures on this site and uses Turbo Tax, why am I not surprised! Turbo Tax screwed up my form 8949. My 6781 and Schedule D look OK, according to IRS 8949 instructions as long as 6781 is filled out, 8949 may be unnecessary when you file a net 1256 P/L for the year. Anybody out there FILE a tax return and trade futures? I think I will hit the TURBO TAX submit button and call it a day!
Do you need to file an IRS 8949 trading Section 1256 contracts? Is IRS 6781 + Schedule D sufficient? The Turbo Tax POS software does not feed into 8949 properly and entered all zeros. My net tax result was correct with zeros on 8949 since schedule D was correct.
OK, I had a similar problem. Revisit that section and clear all entries out. Start the section over using ONLY the net 1256 contract loss, or gain as it may be. And, no, sched D is sufficient. (at least for me).
Section 1256 contracts are reported on Form 6781, not Form 8949, which is for securities. Both Forms 6781 and 8949 feed into Schedule D where the summary information winds up for generating cumulative capital gains and losses. If futures trades only, you don't have a Form 8949, only use Form 6781.
I think the rule for 1099s is 2/15, but that is a Saturday, and 2/17 is a holiday, so I guess Tuesday 2/18.
Schedule here: https://www.interactivebrokers.com/en/?f=tax&p=explain hopefully they offer a turbotax friendly downloadable format this year unlike last year.