Turbo Tax Deluxe help???

Discussion in 'Taxes and Accounting' started by vrodtrader, Mar 24, 2004.

  1. Can someone please tell me how I should do it properly. I could not find any instructions to file my futures & options trading, using Turbo Tax Deluxe.. I incurred about $500 loss in futures trading and $1,500 loss in options trading in 2003. Which forms should I use to file my losses?

  2. nkhoi


  3. Most options go on Sch "D". Futures on form 6781


  4. sorry no loss allowed....just zero or above on futures....i do not know about options...

    If you want i can go through the menu and find the place in turbo tax...but it won't take negative numbers...so don't sweat it...

    Michael B.
  5. Wow... I never knew that we are not allowed to claim loss from futures trading. I guess I can only claim up to $3,000 on options trading loss.

    Thanks to those peope who repsonded to my question.

  6. TGregg


    Uh oh. I heard from a supposedly bright tax guy that you can deduct futures trading losses if you have offseting income (even earned income).

    I freaken hate tax time. :(
  7. range


    In TurboTax, go to Forms, then select Open a Form, go to 6781, and put your futures summary per acount in Part I. Index options (such as S&P options) also go in Part I, if I am remembering correctly. Individual stock options and some others (such as QQQs) go on Schedule D.
  8. mmm


    You can recognize losses on futures contracts, possibly up to $3,000 a year, but I am not entirely sure. Best bet is to contact the IRS, or to post your question on the forum at http://www.greencompany.com

    -- M
  9. range


    TurboTax will treat your losses correctly. You can recognize up to $3,000 in net losses (not offset by gains). For futures and index options, 60% of the gain or loss is long-term.
  10. Has there been a change? in the the tax year 2001 I had a loss in futures and could not enter the negative number in turbo tax...When I ran the error reporting I had to remove it...I called the IRS at that tim to verify and they said no negative numbers.....

    Michael B.

    #10     Mar 24, 2004