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Your expired call premium is a short-term capital gain.  It should be reported on your 2025 Form 1099-B from your broker dealer.  Your Cost Basis is the $1,300 premium you received and your proceeds are $0.  For dates, think of them as opening and closing dates, not purchase and sale.  Your opening transaction date is Nov 24, and your closing transaction date is the January expiration date.   To enter in TurboTax, type 1099-B into search and click on the "jump to..." link.   

To recover a corrupted TurboTax file, first search your computer for backup files (.bak or .tax202X). In File Explorer, search for *.tax202X or *.bak to find auto-saved or backup copies, then remove the .bak extension from the filename to open it in TurboTax.   Look for a PDF copy of the return you may have created, which can be used to re-enter data.   Try opening the file in a different TurboTax version, updating the software, or running a disk check (CHKDSK).    If you continue to experience the same problem after following the troubleshooting steps, please contact TurboTax customer support for further assistance.   @journeywoman 

@savasurao-mint post the dollars you contributed to the Trad IRA and how much was the conversion?  was there any money in the Trad IRA or was the balance zero prior to the contribution?    THe instructions I posted work.  Just follow them very carefully. 

Thank you.  I didn't realize just that statement was going to be posted...I thought I was searching. Anyway, thanks for the info. This is my first time using online - I have used desktop for forever - and my info was transferred from my computer.  I'm gonna go back and check everything because they should qualify as they have every other year.  

@ylinkab how much is on Line 2a of form 1099-R?   during the interview, TT asks "what did you do with the money"?  how did you answer that question?    suggest deleting form 1099-R and re-entering and watch for that question.    did you contribute the same about of money as what was reported in Box 2a? Normally the administrator will withhold 20%.  So for example, if you distributed $10,000, only $8,000 is in the check.  Then when you turn around and contribute that $8,000 check to the new Trad IRA, the remaining $2,000 is taxable income.  That could be the issue.  

I followed procedure. It worked as described. Schedule 1 includes it & IT-201 subtracts it. However, when done I did the TurboTax review which said: "State Tax Refund Worksheet: Payments and withholding must exceed sum of individual payments. It looks like the total amount you entered from your 2023 NY tax return is less than the individual payments  you made that year (estimated tax, extension payment, or payment when you filed your return). It should be higher than , or at least equal to your payments. Take a look at those numbers and update your total payments and withholding for your 2023 NY tax return. If you need to change one of the other payments, go back to the Tax Payments area to make updates." The payments and withholding box showed $0. Must something else be done or can I ignore the message and file (by mail) anyway. How will this effect next year's use of TurboTax when it populates the 2026 forms? Thanks, Ira

@JackManna4 Thank you so much for this. It's quite a shame that you have to google for solutions, and even when you find the official help page, the "experts" prove no help. Customers over here troubleshooting by trial and error. But what you suggested works. I felt like I was stuck in an endless time loop...

If you are using online TurboTax your work is autosaved.  You log in with the same account and user ID that you began with.       If you are using desktop download you need to go to File at the top of your screen and save your tax file.  You re-open the program from your own hard drive and continue working on your return.

I followed those instructions and I can still see taxable amount calculated on 1040 when I go to tools to verify. I have tried starting from scratch several times to enter the amounts using these instructions, but no success. Any other suggestions for me?

I think I figured it out - the "ST-TP" is asking for the state abreviation "IN" for Indiana. "Sch CT-40: Principal address ST-TP abbreviation is invalid. You must use standard U.S. postal abbreviations." "Principal address ST-TP:  IN "

A Qualified Charitable Donation (QCD) can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.  While the QCD amount is not taxed, you may not then claim the distribution as a charitable tax deduction.   Here are the requirements for making QCDs:   You must be 70½ or older to be eligible to make a QCD. QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions. The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.) For a QCD to count towards your current year's RMD, the funds must come out of your IRA by your RMD deadline, generally December 31. Any amount donated above your RMD does not count toward satisfying a future year's RMD. Funds distributed directly to you, the IRA owner, and which you then give to charity do not qualify as a QCD. You report a QCD in the 1099-R entry section.   After entering the 1099-R details, there are a series of screens with questions about the distribution.  You need to go through all the screens/questions. Do not exit the 1099-R entry section before answering all the questions. When asked "Did you transfer all or part of this money directly to charity?", select Yes. Enter the exact amount of the distribution that was transferred directly to the charity. TurboTax will report the full distribution on Form 1040, Line 4a, but will not include the QCD portion in the taxable amount on Line 4b.

@dean while there was a lot of talk about "no tax on SS"; in the end that is not what Congress passed.    Instead, everyone at least 65 years old (except those filing MFS) receives up to a $6,000 deduction, which has the effect of reducing taxes.