Enter data for Form 6781 section 1256 contracts marked to market
Do the following to enter data for Form 6781 section 1256 contracts marked to market.
note
For net non-section 1256, go to the
B&D
screen and complete the Schedule for detail
statement. Be sure to identify the election in the description column.- In theIncomeinput folder, select the6781screen or theBrokerscreen. Only use theBrokerscreen if you're entering a consolidated broker statement.
- If you're on theBrokerscreen, open theAggregate profit (loss) on contractsstatement. If you're on the6781screen, open theNet section 1256 contracts loss electionstatement.
- Complete these fields within the statement.
- TSJ: EnterT,S, orJto indicate taxpayer, spouse, or joint.
- Description: Enter a description that identifies an account or contract transaction. When you issue a Form 1099-B or a similar statement, include the textForm 1099-Band the broker's name in this field. Identify all other transactions separately.
- Loss/Gain Entire Yr: Enter the amount of the gain or loss for the entire year. Negative amounts report in the loss column of Form 6781, Part I. Enter the amount without regard to any Form 1099-B adjustment.
- Explanation 1099-B Adjust / 1099-B Adjust: Enter positive or negative adjustments in these fields. You may require these adjustments if the client's Form 1099-B includes a straddle or hedging transaction, as defined in section 1256(e)(2). The explanation reports in a statement that lists each adjustment, and the total of all adjustments reports on Part I of the form.
- Tot 1256 Carryback:If you elect to carryback a section 1256 loss to a previous year, enter the amount of the loss in this field as a positive number. The total amount for the carrybacks that are entered transfers to Part I.
- State: Enter the state postal code for the item entered.
- Foreign: If the contract is a foreign currency contract, select the code that corresponds to the election. UltraTax CS includes the contract on the list of foreign currency contracts submitted with the return.
