No, TurboTax will not automatically adjust cost basis. Therefore, you will have to adjust cost basis. With options that are assigned, such as a short put or a covered call, brokerage firms generally will not include deferred losses on a 1099-B until the offsetting position has been closed out. However, there could be option transactions on your 1099-B that are straddles and in which case, need to be adjusted in some way. Manual adjustment is the only way to make changes.
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