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Etrade 1099-B has dates reversed if an option was sold first then buy-to-close; in box 1b and box 1c. TurboTax flag it as warning. What should be done here?

 
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2 Replies
GeorgeM777
Expert Alumni

Etrade 1099-B has dates reversed if an option was sold first then buy-to-close; in box 1b and box 1c. TurboTax flag it as warning. What should be done here?

You need to essentially reverse the transaction in TurboTax.  For example, report the closing date (buy to close) as the date you purchased the option and the sell to open as the date you sold the option.  The proceeds from the sell to open will be reported as your sale proceeds and the buy to close amount will be reported as your cost basis.   Reporting this way your dates in TurboTax will appear in chronological order and you should not see the error in TurboTax.  

 

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Etrade 1099-B has dates reversed if an option was sold first then buy-to-close; in box 1b and box 1c. TurboTax flag it as warning. What should be done here?

Thanks for expert advice.

It would be better if TurboTax has swap date function. That would make change quick and without error.

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