Section 1256 contract or straddle

Discussion in 'Risk Management' started by MGB, Feb 19, 2008.

  1. MGB

    MGB and 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"?
  2. Drew07


    I used turbo tax online. The deluxe edition has the form you're looking for.
  3. huh


    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 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?

  4. rmmsmh


    Wash Sale rules do not apply to commodities under 1256 contracts. It does apply to securities like stocks and options.
  5. 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?
  6. are there any versions of tax software that let you append footnotes?