Turbo Tax and 1256 Contracts

Discussion in 'Index Futures' started by Drew07, Jan 28, 2008.

  1. Drew07


    2007 was my first year trading futures and I'm having some trouble figuring out how to file. I got halfway through a free e-file when I realized it wouldn't allow me to complete that form. Does anyone know what edition of turbo-tax will have what I need (1256), or any online filing service for that matter? Hopefully in a couple of years I can hire a CPA for this shit but for now I'm on my own. Thanks in advance.
  2. sprstpd


    I'm sure the Deluxe version or whatever would have what you need. I dumped TurboTax when it couldn't handle a big number in one its edit boxes, claiming that I had to upgrade to the Pro version. Complete crock of crap in my opinion.
  3. Premier investments has it. You might be able to go one step down and still have it, but I'd check on that for sure.
  4. Surdo


    Turbo Tax Deluxe includes Form 6781 for $29.95 for Federal......
    a few more for state. IMO, pay for an accountant, it's deductible next year, and he will save you @ least the amount of his fee.
  5. Schaefer


    No need for the Turbo Tax Premier, the Deluxe version has it. The form that you need is Form 6781 for 1256 contracts.

    If you trade futures exclusively, then no need for a CPA, it's extremely simple, unlike equities, and options of course :)

  6. Drew07


    Sounds good, thanks guys.
  7. Thanks a ton!
    Just saved me a headache at minimum and an audit worst case. ;)