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Get your taxes done using TurboTax
For expired options, it's quite common to enter sales proceeds of zero or nothing and then the cost basis to arrive at the loss. This is how it's been handled for many years. They should be edited after import to remove the errors or entered manually (understood not the answer most want to hear). Maybe one day the financial agencies and/or stock brokers will find a better way to handle options for import at tax time.
When you enter your options you can select they type of investment and the holding period as well as selection 'Something other than a date' to use 'Various' has the date acquired.
- Call options allow contract holders to buy assets at an agreed-upon price at a later date.
- Put options are financial contracts that let traders sell assets at a specific price by a certain date.
- Traders must decide whether to sell, exercise, or let their options expire as they get closer to the expiration date.
Go to the investment sales in question and make the necessary entries for holding period and acquired.
- Search (upper right) for 1099b > Click the Jump to... Link > Edit next to the sale in question > make your changes
- Continue to the screen 'Review this .... Sale'
- Enter the Sales selection/holding period, Type Options, Description and then Something other than a date to select Various (unless you have the specific purchase date).
- Continue to finish the sale.
- See the screen image below based on which TurboTax version you are using. In TurboTax Desktop you can select 'Expired'.
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‎April 8, 2024
2:19 PM