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For futures, you enter a single line item for the gains or losses of the year. For losses, there is a $3000 maximum per year you can claim, and then carryover future losses into next year, and so forth. For gains, futures are taxed as 60/40, meaning 60% long term gains, and 40% short term gains.
I dont always agree with everything I post, but like to get peoples feed back etc... But people do need to educate themselves... I dont have a problem with ignorance as ignorance is you just dont know what you dont know... I am ignorant in many areas of my life... However, what I do have a problem with is when people dont take their ignorance and turn it into investigation... now you cant claim ignorance... This applies to anything of course. Anyways... best of trading to you guys!!!!
IRS Insider Joe Banister Exposes Federal Reserve Coup and IRS Fraud
I was linked there from the IRS page, and it's federal only, not state. I strongly dislike the interview-based software, where you are asked a series of questions. I much prefer to look at the form that will actually be filed. It takes a little more research sometimes to figure out what to do, but IMO the transparency of the process and having the confidence of seeing the actual forms and knowing what your financial situation actually is makes it worthwhile. The interview will ask you ten million questions, most of which do not apply to you, and it may still not cover all bases or get the forms filled out right for your individual scenario.
This does some auto calculations, and is the best software I have used because it's just the form, and it's clean, efficient, and you see what forms you're using to file with instead of the wizard of Oz behind the curtain.
To expand on what Mike said, the 6781 form info goes onto Schedule D, where you will calculate your 60/40 split, and then this information, gain or loss, then goes onto the 1040.
Just FYI, TurboTax lets you see both the interview and the corresponding form side-by-side, and you can see what each input changes on the form as you go.