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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.
  1. In the
    Income
     input folder, select the
    6781
     screen or the
    Broker
     screen. Only use the
    Broker
     screen if you're entering a consolidated broker statement.
  2. If you're on the
    Broker
     screen, open the
    Aggregate profit (loss) on contracts
     statement. If you're on the
    6781
     screen, open the
    Net section 1256 contracts loss election
     statement.
  3. Complete these fields within the statement.
    • TSJ
      : Enter
      T
      ,
      S
      , or
      J
       to 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 text
      Form 1099-B
       and 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.
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