For futures contracts, the entry of Forms 1099-B information is on IRS Form 6781 Gains and Losses From Section 1256 Contracts and Straddles. Part I Section 1256 Contracts Marked to Market needs to be completed for futures contracts.
To enter information for Form 6781 in your TaxAct® return:
Based on the information entered, the appropriate calculations will be done on Form 6781 so that 40% of the gain or loss is reported as short-term on Line 8 and 60% of the gain or loss is reported as long-term on Line 9 of the form.
Short-term gains and losses are then transferred by the program to Line 4 of Schedule D, and long-term gains and losses to Line 11.
This type of transaction will not be imported via electronic import or CSV file import. The information must be manually entered by the user.