You can report your binary options by using the steps below. These are investment sales for tax purposes.
- Sign into TurboTax then select Wages and Income > Investment Income
- Show more > Stocks, Mutual Funds, Bonds, Other > Start or Update
- You should reach a screen that says 'Did or will you receive a 1099-B or brokerage statement for these sales?' YES
- Next screen you will scroll to the bottom and click 'I'll type it in myself'
- Answer the various questions until you reach a screen that says Now we'll walk you through entering the info on your 1099-B
- On the first screen select Options (since the Binary is an option)
- Next screen will ask if this is a short-term or long term sale
- Holding period (one year or less = short term/more than one year = long term)
- Then enter the date(s) they were bought or sold and go down to proceeds and enter the total sales amount.
- This is the gain on your option
@Bsmitty007
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