Which version of Turbo Tax should I use for stock market trades that include option covered calls?

[fanfare]

if your broker puts the SOLD date before the ACQUIRED date, it is your broker that is reporting incorrectly.

TurboTax recently ( 2021 ? ) added the check for this. It used to let it go through.

The Acquired Date for a short is the date you closed the short sale not when you opened it, or the date of expiry.

Disposed date is two business days later for stocks one business day later for options if you had a loss.

Otherwise Disposed Date is the same as Acquired Date.

Some brokers report this on your 1099-B correctly and some do not.

@model4sun 

[model4sun]

NO.

The broker is not wrong you are wrong.

Your argument is that TD ameritrade is wrong and not you.  Think about it.

Read what I said again.

This is not a short sale.  I didn't sell anything short

I sold an option as a covered call.  It has nothing to do with a short sale.

I sold the option and I bought it back.  That is obvious.  The sale was first and the buy back was after.

Read what I wrote again.  TTAx   is not able to handle a SALE of an covered call option.  That is not a short sale.

So tell me how you imagine a  covered call should be sold and then closed.  

Selling a covered call simply means that I have the shares to cover the sale.  THat is not a short sale,

TTAX does not handle a buy back of that same option.  There is no short sale.  I did not sell anything short.

Please escalate this to someone else

[fanfare]

Okey Dokey.

@model4sun 

P.S. I have a TD Ameritrade account and my experience was that TD is a broker that reports the trades correctly.

Reply back in February when you can review your consolidated 1099-B.

[fanfare]

The simple solution to your issue is to report using aggregation on Schedule D Line 1a.

Short-term option trades are covered Box A transactions and Box A transactions without adjustments do not require Form 8949.

@model4sun 

do not confuse "covered transactions" for IRS reporting purposes with "Covered Call Options".

[model4sun]

" 

The simple solution to your issue is to report using aggregation on Schedule D Line 1a.

Short-term option trades are covered Box A transactions and Box A transactions without adjustments do not require Form 8949.

"

The problem last year may have been on Etrade. I'm not sure.

There were only a few of those that caused a problem.  The phone support accountant was not able to get it to work.

Does Turbotax still have the option to have an accountant do the return for me?

[fanfare]

"Selling a covered call simply means that I have the shares to cover the sale.  THat is not a short sale,"

Your account may not have status to write naked calls but does have status to write covered calls.

Selling a covered call simply means that the broker reserves your stock as surety against assignment, and you have not written a naked call option. Either way, naked or covered, it is a short sale of a call.

[tgtt42016]

Are you recommending the Online or Desktop version of Premier for stocks?

[Vanessa A]

Both of them will handle stock sales and trades.  It is a personal choice if you prefer to have the desktop version or the online version.  

The one benefit to the desktop version is that you can see the forms directly by switching to forms mode and make edits on the forms in many instances. It is not recommended to make changes on the forms themselves, but sometimes, it is easier to find and correct a number if you find you have entered it incorrectly. The Online version is strictly an interview format and you cannot make any type of changes on the forms.