How to Enter Kalshi Trades in TurboTax, H&R Block and FreeTaxUSA

We found no import for Kalshi or Polymarket in TurboTax, H&R Block or FreeTaxUSA, so you enter the figures by hand. Where they go depends on your tax method, and no program has an event contract box. Pick one method, work out your figures, then use the section below. Menus change each year, so check them against the form your software produces.

Where does each method go?

Enter your trades under one method only. Entering them in two sections counts them twice. How each form works.

How do you enter it in TurboTax?

For Section 1256, an Intuit answer from March 2026 gives this path:

1. Go to Wages & Income.
2. Open Less Common Investments and Savings.
3. Next to Contracts and Straddles, select Start.
4. Answer yes to straddles or Section 1256 contracts.
5. On the elections screen, select nothing unless you mean to. It says you usually need none.
6. Select Section 1256 contracts and enter your figures.

Choosing the net Section 1256 contracts loss election by mistake turns on a carryback. After you enter the figures, look at Form 6781 and check that box D and line 6 are what you intended.

How do you enter it in FreeTaxUSA?

FreeTaxUSA’s help page gives this path for Section 1256 contracts that didn’t come from a Schedule K-1: Income, then Uncommon Income, then Contracts and Straddles, and the Section 1256 Contracts and Straddles screen.

How do you enter it in H&R Block?

H&R Block lists Form 6781 among its supported forms. We couldn’t confirm the online menu path, and its site blocked our check. Before you pay, open the federal forms list under Form Availability in your account and confirm your product includes every form you need. If it does, look for Section 1256 or Form 6781 in the investment income section.

What if you have hundreds of trades?

• Capital gains: the Form 8949 instructions let you enter summary totals and attach a statement with every trade, as a PDF or mailed with Form 8453. Check how your software handles it.
• Section 1256: the Form 6781 instructions say to list each transaction with no 1099-B separately. What that means for a busy year.
• Gambling: winnings go in gross and losses go separately, so a net figure is wrong.

How do you check it worked?

1. Preview the return as a PDF before you file.
2. Find your figure on the form and line in the table above.
3. Confirm the same trades don’t appear on a second form.
4. For Section 1256, check that line 8 is 40% and line 9 is 60%, and that both reached Schedule D.
5. If you plan a Form 8275 disclosure, confirm your software can include it. Old TurboTax community threads from 2018 and 2019 say it isn’t supported, and we couldn’t confirm the current position.

WagerMints gives you the figures for each method, free. Pro adds filled forms you can copy from.

Questions about tax software

General information about US federal tax, not tax advice. We aren’t affiliated with these software companies.