TURBO TAX CAN'T PROPERLY REPORT AUCTIONS BUT THERE IS A WORK AROUND

[Pat2025]

I have the cheapest of the purchased version of Turbo Tax, which does have pull down menu where you can identify the transactions as an option.  I mainly sell puts, and most expire.  However, if I identify the transection as an option, Turbo Tax does not have a place to state the proceeds.  If I call it the basis, and the option expired, it will list it at a loss.  So I call it a stock sale, and list the proceeds, and the basis as 0 (which is the case if the option expires).  Very annoying.  I also could not download the 1099 although the folks at the clearing house spent about an hour trying to figure out why.  I'm not sure if the download would've been treated properly.  Very poor tech work to address all of the many different types of transactions one might make with options.

[fanfare]

Options are covered transactions so just enter the sum total of your proceeds and costs, consistent with your consolidated 1099-B,  on Schedule D Line 1a.

No details are required, no mailing is necessary.

short options - options you write - are always a Short Term (Box A) gain/loss.

@Pat2025