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How to generate Form 6781 gains and losses in ProConnect Tax

by Intuit•2• Updated 4 months ago

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. Select your module below for instructions.

  1. Go to the Input Return tab.
  2. Select Income.
  3. Select Disposition (Sch D, etc.), then Schedule D/4797/etc.
  4. Enter any applicable information in the Quick Entry: Dispositions (Schedule D, 4794, etc.) grid.
  5. Select the Details button.
  6. Select the tab labeled 4684, 6781, 8824, 4255 and scroll to the Contracts and Straddles (6781) section.
  7. 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.
  8. Enter the Section 1256 contracts gain (loss).
  9. Enter the Unrecognized gain on offsetting positions (straddles).
  10. 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.

  1. Go to the Input Return tab.
  2. From the left of the screen, select Schedule K and choose Dispositions.
  3. Click the blue Details button to expand the input fields.
  4. Locate the Dispositions (Schedule D, 4797, etc.) section.
  5. Enter the Description of property.
  6. Click the three dots at the top of the screen and select 4684, 6781, 8824.
  7. Scroll down to the Contracts and Straddles section.
  8. 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.
  9. Enter the Section 1256 contracts gain (loss).
    • This amount is reported on Form 1099-B, box 11.
  10. Enter any Unrecognized gain on offsetting pos. (straddles).
  11. Enter the Fair market value at end of year (-1=none)(Part III memo only).
  12. Repeat steps 5-11 to input additional contracts or straddles.
  1. Go to the Input Return tab.
  2. From the left of the screen, select Income and choose Dispositions (Sch D/4797/etc.).
  3. Click the blue Details button to expand the input fields.
  4. Locate the Dispositions (Schedule D, 4797, etc.) section.
  5. Enter the Description of property.
  6. Click the three dots at the top of the screen and select 4684, 6781, 8824, 4255.
  7. Scroll down to the Contracts and Straddles section.
  8. 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.
  9. Enter the Section 1256 contracts gain (loss).
    • This amount is reported on Form 1099-B, box 11.
  10. Enter any Unrecognized gain on offsetting pos. (straddles).
  11. Enter the Fair market value at end of year (-1=none)(Part III memo only).
  12. Repeat steps 5-11 to input additional contracts or straddles.
  1. Go to the Input Return tab.
  2. From the left of the screen, select Schedule K and choose Dispositions (D,4797,etc.).
  3. Click the blue Details button to expand the input fields.
  4. Locate the Dispositions (Schedule D, 4797, etc.) section.
  5. Enter the Description of property.
  6. Click the three dots at the top of the screen and select 4684, 6781, 8824.
  7. Scroll down to the Contracts and Straddles section.
  8. 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.
  9. Enter the Section 1256 contracts gain (loss).
    • This amount is reported on Form 1099-B, box 11.
  10. Enter any Unrecognized gain on offsetting pos. (straddles).
  11. Enter the Fair market value at end of year (-1=none)(Part III memo only).
  12. Repeat steps 5-11 to input additional contracts or straddles.
  1. Go to the Input Return tab.
  2. From the left of the screen, select Income and choose Dispositions.
  3. Select Schedule D/4797/etc.
  4. Click the blue Details button to expand the input fields.
  5. Locate the Dispositions (Schedule D, 4797, etc.) section.
  6. Enter the Description of property.
  7. From the top of the screen, select 4684, 6781, 8824.
  8. Scroll down to the Contracts and Straddles section.
  9. 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.
  10. Enter the Section 1256 contracts gain (loss).
    • This amount is reported on Form 1099-B, box 11.
  11. Enter any Unrecognized gain on offsetting pos. (straddles).
  12. Enter the FMV at EOY (-1=none)(Part III memo only).
  13. Repeat steps 5-12 to input additional contracts or straddles.
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