Generating Form 6781 in Lacerte (2024)

by Intuit• Updated 6 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 Lacerte. Select your module below for instructions.

Jump to steps for your module:

Individual:

1. Go to Screen 17, Dispositions.
2. In the Sections list, select Dispositions (Schedule D, 4797, etc.).
3. Enter the Description of property.
4. In the Sections list, select Contracts and Straddles (6781).
5. 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.
6. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
7. Enter any Unrecognized gain on offsetting position (straddles).
8. Enter the FMV at end of year (-1=none) (Part III memo only).
9. Click Add and repeat steps 3-8 to input additional contracts or straddles.

Partnership:

1. Go to Screen 19, Dispositions.
2. In the Sections list, select Schedule D, 4797.
3. Enter the Description of property.
4. In the Sections list, select Contracts and Straddles.
5. 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.
6. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
7. Enter any Unrecognized gain on offsetting pos. (straddles).
8. Enter the Fair market value at end of year (-1=none) (Part III memo only).
9. Click Add and repeat steps 3-8 to input additional contracts or straddles.

Corporate:

1. Go to Screen 15, Dispositions (Sch. D/4797/etc.).
2. In the Sections list, select Dispositions (Schedule D, 4797, etc.).
3. Enter the Description of property.
4. In the Sections list, select Contracts and Straddles.
5. 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.
6. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
7. Enter any Unrecognized gain on offsetting position (straddles).
8. Enter the FMV at end of year (-1=none) (Part III memo only).
9. Click Add and repeat steps 3-8 to input additional contracts or straddles.

S-Corp:

1. Go to Screen 23, Dispositions (D, 4797, etc.).
2. In the Sections list, select Dispositions (Schedule D, 4797, etc.).
3. Enter the Description of property.
4. In the Sections list, select Contracts and Straddles.
5. 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.
6. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
7. Enter any Unrecognized gain on offsetting pos. (straddles).
8. Enter the FMV at end of year (-1=none) (Part III memo only).
9. Click Add and repeat steps 3-8 to input additional contracts or straddles.

Fiduciary:

1. Go to Screen 22, Dispositions.
2. In the Sections list, select Dispositions (Schedule D, 4797, etc.).
3. Enter the Description of property.
4. In the Sections list, select Contracts and Straddles (6781).
5. 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.
6. Enter the Section 1256 contracts gain (loss).
   • This amount is reported on Form 1099-B, box 11.
7. Enter any Unrecognized gain on offsetting pos. (straddles).
8. Enter the FMV at EOY (-1=none) (Part III memo only).
9. Click Add and repeat steps 3-8 to input additional contracts or straddles.