Does any one know where to report IB's 1099-b "realized future gain/loss" in turbo tax? Does IB include commissions as part of the "realized future gain/loss" or do I need to report that separately? Thanks in advance for your help.
Futures comissions are not reflected in lines 1 or 2 of the IB's 1099 for futures. Therefore, subtract commissions (line 4) from line 1 or 2, then report that on Form 6781. From www.interactivebrokers.com, Help page, FAQ: What is 1099 for Futures? Titled "Substitute Composite Statement of 1099 Forms". This form reflects profit and loss from futures. Box 1a reports realized profit and loss for the year from futures, while box 1b displays realized profit and loss after 5/5/2003 when the new 15% capital gains tax was applied. Box 2a and 2b display aggregate profit and loss from futures using the same criteria as boxes 1a and 1b respectively. Box 3 shows interest income from futures, and box 4 displays commissions paid for futures transactions (commissions are not subtracted from boxes 1 and 2).
Do you add the losses from E-mini trades from form 6781 to Schedule D if you have capital losses from stock trades carried over from last year, or are they kept separate??