Entering Form 1099-B regulated futures contracts in ProConnect Tax

On this page, you can find instructions for entering profit or loss on regulated futures contracts from:

• Form 1099-B
• Proceeds From Broker
• Barter Exchange Transactions.

Follow these steps to enter Form 1099-B regulated futures contracts:

1. Go to the Input Return tab.
2. From the left of the screen, select Income and choose Dispositions (Sch D, etc.).
3. Choose Sch D/4797/etc. from the dropdown menu.
4. Click Details in the Quick Entry grid to expand.
5. Under the Dispositions (Schedule D, 4797, etc.) section, enter the following fields:
   • Quantity
   • Description of property
   • Date acquired (negative date=various)
   • Date sold (negative date=various)
   • Cost or other basis (do not reduce by depreciation)
6. Select the 4684, 6781, 8824, 4255 tab.
7. Locate the Contracts and Straddles (6781) section.
8. Enter a 1 in 1=1256 contracts, 2=straddles, 3=memo only (triggers 6781).
9. Enter the gain reported in Section 1256 contracts gain (loss) as it appears on Form 1099-B.