DaveF1006
Expert Alumni

Get your taxes done using TurboTax

  1. In your return, go to federal>wages and income All income>Investment Income
  2. Show more>Stocks, Mutual Funds, Bonds, Other>start
  3. You should reach a screen that says Did or will you receive a 1099-B form or brokerage statement for these sales? YES
  4. Next screen you will scroll to the bottom and say you will type it in yourself
  5. 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
  6. in the first screen, select options since the Binary is an option
  7. Next screen will ask if this is a short-term sale or long term.  more than likely, it is short-term.
  8. 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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