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Get your taxes done using TurboTax
- In your return, go to federal>wages and income All income>Investment Income
- Show more>Stocks, Mutual Funds, Bonds, Other>start
- You should reach a screen that says Did or will you receive a 1099-B form or brokerage statement for these sales? YES
- Next screen you will scroll to the bottom and say you will type it in yourself
- Then scroll and answer the various questions until you reach a screen that says Now we'll walk you through entering the info on your 1099-B
- in the first screen, select options since the Binary is an option
- Next screen will ask if this is a short-term sale or long term. more than likely, it is short-term.
- Then answer when it was bought or sold and go down to proceeds and enter the $55 amount. This is the gain on your option. As for cost basis, leave that blank because since that $55 is profit from the option.
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‎February 20, 2020
7:44 PM