Unfortunately @Frederick Oberlader, that's not very helpful to me as I didn't see any mention of what the "Component" is vs the "Contract" in the explanation which is most of what I was asking. I did know all of these, but TurboTax's terminology is non-standard and uses terms with overlapping definitions (as your explanation did) but you're required to actually put specific text in each field, not random approximations. If anyone is intent on answering the asked question or best can speak for TurboTax then please answer.
The "Contract" should be the whole thing (and you said it was (e.g. "SPX-yyyy") but then what of the "Component" that TurboTax is asking for? What schedule is TurboTax going to put it on (which it doesn't say at all)? If you meant that "SPX-yyyy" in your example was the "Contract" and the descriptive text is the "Component" then you could say so. I think in your example it would be "at a 32 strike".
Try googling the following and you'll see how non-standard the use of these terms together are. TakeInvestopedia's "Options Contract: What It Is, How It Works, Types of Contracts" page which is a decent intro, but none of these.
google: options trade Contract Component
