Is TurboTax correctly importing 1099-B brokerage information? My 1099-B has both option and stock transactions, yet TurboTax says they are all Stock trades.
I imported a 1099-B from a major brokerage firm. In the review cycle I then had to review many transactions, and I found that they were all shown to be Stock transactions instead of a mix of Option and Stock Transactions. I had to manually change those entries to pass the review. It seems either the brokerage house or Turbo Tax has something very wrong. My basic point is that if a trade is an option trade, Turbo Tax should (must) I would think show it as an option trade and not a stock trade (or am I missing something obvious)?
02622
2 Replies
Mike9241
Level 15
Mar 12, 2022 4:48:38 PM
Turbotax probably doesn't know one from the other and it doesn't matter. all get reported on the same form.
fanfare
Level 15
Mar 12, 2022 6:12:49 PM
TurboTax could know using AI to parse the 1099-B but it doesn't do that mainly because the import gives different data points.
Options settle in one business day and can expire unlike stocks.