topic expired options on 1099-B in Get your taxes done using TurboTax

expired options on 1099-B

lovingtaxes — Mon, 09 Mar 2026 04:44:01 GMT

I'm using the desktop version of TT and I've got imported options that expired worthless. These are imported as blank for sale proceeds, and that is fine - I can just change the sale proceeds to zero where applicable. When I click on the help for Sale proceeds within TT, a box pops up with a section at the bottom that says:
Expired Options: The IRS instructions tell you to enter "expired" in the net proceeds field but TT requires it to be numeric so enter zero... It goes on to say that if you indicated that this sale is an expired option and you file electronically, TT will automatically put the word "expired" into the field. So my question is where do I indicate that this is an expired option? I don't see that as a choice on this screen or the following less common items screen.

Re: expired options on 1099-B

JohnB5677 — Mon, 28 Feb 2022 16:59:54 GMT

No, the less common items screen is not the correct place to post the options.

You should go back to Wages & Income

Investments and Savings
Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Add investments
Relax. We got it. = Continue
Let's import your tax info = Enter a different way
Select box - Stocks Bonds Mutual Funds = Continue
Which bank or brokerage sent you a 1099-B for these sales?
Enter the information = Continue
Answer the questions = Continue
Now, choose how to enter your sales = One by one = Continue
On the input page, you will see What type of investment did you sell?
Select Options
You will then have the opportunity to enter Expired

Re: expired options on 1099-B

lovingtaxes — Mon, 28 Feb 2022 21:39:24 GMT

Hello and thanks for responding. You must be referring to the online version of TT, because I'm not seeing the same thing that you are (I'm using the desktop Mac version - Home & Business). Under Personal -> Investment Income, I see Stocks, Mutual Funds, Bonds, Other which I can choose and then roughly follow your path where I can enter broker info and then choose to enter one by one, but the screen for entering sales one by one is the same one I described previously and doesn't have an option to choose the type of investment that was sold. The only items I can enter are:
Box 1a Description
Box 1c Date Sold
Box 1b Date Acquired
Box 1d Sale Proceeds
Box 1e Cost or other basis
Sale Category dropdown
There is no opportunity to enter investment type on this screen or any of the following screens related to the sale.

Re: expired options on 1099-B

JohnB5677 — Tue, 01 Mar 2022 13:38:58 GMT

I do see that on the desktop version. There are a couple of features that you may be able to use.

In Date sold, you can enter Worthless. If you type the "W" it will pop up.

In Date acquire you have the option to type Various. Again, you only have to type "V".

These are the only alternatives that you have for posting the Options.

Re: expired options on 1099-B

lovingtaxes — Wed, 02 Mar 2022 00:08:26 GMT

Thanks again John for taking the time to reply. If I enter "worthless" in date sold, I can see that it does indeed roll through to the 1099-B Worksheet. I think that should suffice. I'll do that.

Re: expired options on 1099-B

JamesBondJr — Sat, 25 Mar 2023 21:40:29 GMT

Is this still the correct method for expired options that do not enter themselves properly thru importing?

I have 25 or so options and I know before it did not allow a negative number to be entered into sale price but the desktop software this year appears to be allowing me to enter a - (not certain it will allow it)

Just wondering if I put worthless into the date sold field is good enough or if its not reporting a loss of the money as an expired option.

edit: I did notice there is a section "Select any less common adjustments that apply" and at the bottom "An adustment is required for a reason not already covered" once I check that box it does give option "Adjustment amount (positive to increase gain, negative to increase loss)"

I just want to get this figured out once and for all and I know I am likely over thinking this but it would be nice to be certain of what needs to be put in here to show its a expired option and a loss and not a 0 profit.

Thank you for your time!

Re: expired options on 1099-B

JamesBondJr — Sat, 25 Mar 2023 22:22:00 GMT

Adding a reply to my own question as I can now answer most of it. On expired options I entered Worthless (it didnt autofill it like it does with using v in date aquired box does) and kept the sale proceeds as 0 as stated to do in that section.

The adjustment section is not to be used in this case. I have now had to use it dealing with washsale rules and specific sales therein. I hope this might help some others who are dealing with this.

Thanks all!