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1099-B import mischaracterizes options as stock

Anyone else have their 1099-B that Turbotax Desktop  2025 ( Home and Business ) import options incorrectly? When pulling in my eTrade ( electronically) all the values are correct, but it consistently treats all Securities listings in the 1099-B as exclusively stock rather that interpreting the obvious  "CALL SPY 03/20/25 250.00" ( fake example )  as an option. ( not to mention the CUSIPs should be a dead giveaway.)

 

This did not seem to be a problem last year or any previous year. ( though it may be a case of TurboTax trying to be too smart for its own good... I'm not sure why it cares what kind of security it is since I believe it's all reported the same way ) 

 

I don't have a ton of transactions to correct here, but I wanted to raise as a potential bug/improvement if other people are seeing the same issue.

 

P.S.  Also, a nitpick:  if you correct it to be an option in the entry, it then asks you to mark it sold  or expired. If you select expired it automatically changes  the proceeds to $0, even though the Proceeds box 1d had a value in it prior to reclassifying  ( as is the case if a short/written contract expires ) . I can accept this second issue as semantics, I suppose, since I sold to open originally, but it seems to go against convention. 

 

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2 Replies

1099-B import mischaracterizes options as stock

the dropdown for the product shouldn't matter it's just turbotax trying to be clever - mainly for options and then gets it wrong for expired short options.  Form 8949 doesn't care about stock vs. bond vs. option it just wants the 1099B boxes and gain/loss.

MarilynG1
Employee Tax Expert

1099-B import mischaracterizes options as stock

Here's some info on How to Fix Multiple 'Needs Review' Transactions.

 

@murdermostfowl 

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