How to generate Form 6781 gains and losses in ProConnect Tax

This article will help you enter contract transactions from Form 1099-B, boxes 8 through 11, and generate Form 6781, Gains and Losses from Section 1256 Contracts and Straddles in Intuit ProConnect.

Table of contents:

Generate Form 6781 in an Individual return

1. Go to Input Return ⮕ Income ⮕ Disposition (Sch D, etc.) ⮕ Schedule D/4797/etc.
2. Enter any applicable information in the Quick Entry: Dispositions (Schedule D, 4794, etc.) grid.
3. Select the Details button.
4. Select the 4684, 6781, 8824, 4255 tab.
5. Scroll to the Contracts and Straddles (6781) section.
6. Make an entry in the field labeled 1=1256 contracts, 2=straddles, 3=memo only (triggers 6781).
   • Enter 1 to print the transaction on Form 6781, Part I.
   • Enter 2 to print the transaction on Form 6781, Part II.
   • Enter 3 to print the transaction on Form 6781, Part III.
7. Enter the Section 1256 contracts gain (loss).
8. Enter the Unrecognized gain on offsetting positions (straddles).
9. Enter the FMV at end of year.

Select Income, then Schedule D/4797/etc. (Carryovers/Misc Info) to see inputs related to mixed straddle elections, carrybacks, and Form 1099-B adjustments.

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Generate Form 6781 in an Partnership return

1. Go to Input Return ⮕ Schedule K ⮕ Dispositions.
2. Select the blue Details button.
3. Locate the Dispositions (Schedule D, 4797, etc.) section.
4. Enter the Description of property.
5. Select the 4684, 6781, 8824 tab.
6. Scroll down to the Contracts and Straddles section.
7. Enter the field 1 = 1256 contracts, 2 = straddles, 3 = memo only (triggers 6781).
   • Enter 1 to print the transaction in Part I of Form 6781.
   • Enter a 2 to print the transaction in Part II of Form 6781.
   • Enter a 3 to print the transaction in Part III of Form 6781.
8. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
9. Enter any Unrecognized gain on offsetting pos. (straddles).
10. Enter the Fair market value at end of year (-1=none)(Part III memo only).
11. Repeat steps 5-11 to input additional contracts or straddles.

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Generate Form 6781 in an Corporate return

1. Go to Input Return ⮕ Income ⮕ Dispositions (Sch D/4797/etc.).
2. Select the blue Details button.
3. Locate the Dispositions (Schedule D, 4797, etc.) section.
4. Enter the Description of property.
5. Select the 4684, 6781, 8824, 4255 tab.
6. Scroll down to the Contracts and Straddles section.
7. Enter the field 1 = 1256 contracts, 2 = straddles, 3 = memo only (triggers 6781).
   • Enter 1 to print the transaction in Part I of Form 6781.
   • Enter a 2 to print the transaction in Part II of Form 6781.
   • Enter a 3 to print the transaction in Part III of Form 6781.
8. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
9. Enter any Unrecognized gain on offsetting pos. (straddles).
10. Enter the Fair market value at end of year (-1=none)(Part III memo only).
11. Repeat steps 5-11 to input additional contracts or straddles.

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Generate Form 6781 in an S-Corporate return

1. Go to Input Return ⮕ Schedule K ⮕ Dispositions (D,4797,etc.).
2. Select the blue Details button.
3. Locate the Dispositions (Schedule D, 4797, etc.) section.
4. Enter the Description of property.
5. Select the 4684, 6781, 8824 tab.
6. Scroll down to the Contracts and Straddles section.
7. Enter the field 1 = 1256 contracts, 2 = straddles, 3 = memo only (triggers 6781).
   • Enter 1 to print the transaction in Part I of Form 6781.
   • Enter a 2 to print the transaction in Part II of Form 6781.
   • Enter a 3 to print the transaction in Part III of Form 6781.
8. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
9. Enter any Unrecognized gain on offsetting pos. (straddles).
10. Enter the Fair market value at end of year (-1=none)(Part III memo only).
11. Repeat steps 5-11 to input additional contracts or straddles.

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Generate Form 6781 in an Fiduciary return

1. Go to Input Return ⮕ Income ⮕ Dispositions ⮕ Schedule D/4797/etc.
2. Select the blue Details button.
3. Locate the Dispositions (Schedule D, 4797, etc.) section.
4. Enter the Description of property.
5. Select the 4684, 6781, 8824 tab.
6. Scroll down to the Contracts and Straddles section.
7. Enter the field 1 = 1256 contracts, 2 = straddles, 3 = memo only (triggers 6781).
   • Enter 1 to print the transaction in Part I of Form 6781.
   • Enter a 2 to print the transaction in Part II of Form 6781.
   • Enter a 3 to print the transaction in Part III of Form 6781.
8. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
9. Enter any Unrecognized gain on offsetting pos. (straddles).
10. Enter the FMV at EOY (-1=none)(Part III memo only).
11. Repeat steps 5-12 to input additional contracts or straddles.

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