Short (sold to open) Options Expire - TT won't allow bypass of review

[Cheese0760]

I sold to open many call and put contracts in 2022.  This yields a profit when they expire worthless. 

TurboTax does not allow entry of a profit if the "expired" selection is chosen.

TurboTax forces a review of these transactions because the cost basis is zero when "sold" is selected. 

How do I enter short options contracts that expired for profit?  Can "NEEDS REVIEW" for each item be bypassed in some way?

[DavidD66]

For a short option, think in terms of opening and closing the position.  If you sell a put in XYZ and your proceeds are $100 and it expires worthless, enter the transaction with a $0.00 cost basis, and proceeds of $100.  If you bought to cover (closed the position), that is your cost basis.  The date you opened the position (sold the put) is your acquisition date.  The date the put expired, or the date you bought to cover is the date sold,    

[Cheese0760]

Yes. That is what I did.

1) I enter 0.00 as cost basis and proceeds as whatever the gain was. 

2) I click "continue". 

3) It takes me to a page to confirm that the cost basis of 0.00 as imported from my broker is correct. 

4) I click "confirm." 

5) TT takes me to another page to "Let us know if any of these situations apply to this sale." I select none of the above.

5) Continue again. 

6) I'm now  back at the page to review all of my transactions and the "NEEDS REVIEW" icon is still on the option I just fixed. 

There is no highlighted error when I complete this process and I cannot proceed to finish my taxes while the "NEEDS REVIEW" icon is adjacent any of my transactions.

[MoniqueLO_]

You may want to try a different browser or try clearing out your browser's cache and cookies. Please see How do I delete cookies? and How to clear your cache for more information. 

If you need additional assistance, please feel free to contact Customer Support so you can speak with a TurboTax representative who can assist you. 

@Cheese0760 
 

[kishore_324]

Is this issue resolved? I am facing the same "NEED REVIEW" issue with zero cost basis items (sold to open options that expired)

[Cheese0760]

No, the issue remains.

This was not an issue with filing taxes for 2021, so extra odd.

[Cheese0760]

Not only have I tried different browsers, I've tried different computers (and firefox and chrome on each).

[Cheese0760]

I downloaded the desktop version (running on windows 10).  The desktop software does not have a "needs review" error for any of the short puts that were causing this issue. Desktop also doesn't show errors with the dates when several positions are closed on the same date but opened on different dates. 101 "needs review" notifications became 6.

The solution is to use the desktop software.  It is shocking, frustrating, and embarrassing that there is a difference at all.

[kishore_324]

Good that you found a solution.  I should have downloaded the desktop version too.

I figured out that deleting items with need review and creating another one with same details works even with zero cost basis. It was tedious with nearly 50 such entries but I had no choice. Hope TT fixes this issue next year.

[JD0101]

This is now an issue (doing 2023 taxes, late) for me on desktop software, when i had zero issues with this last yera. I have hundreds of short put options expired...and now TT won't let me continue without reviewing each individually and checking off the box that it is expired, then it takes me to two different screens before completing it. ugh.  

Any help to do this in bulk would be great. I am using desktop software.