Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
zenmster
Level 3

Errors Importing TDA Amertrade Options Contracts Info that Expired

I electronically imported TDA stock purchases AND more importantly options contracts that expired.  The problem is the options contracts that expired are NOT showing up and DEFINITELy not showing up as LOSSES...anyone else have this problem and if so what was your solution.  If I have to enter everything manually I'll be 900 years old because of so many transactions lol :(

4 Replies
DavidD66
Employee Tax Expert

Errors Importing TDA Amertrade Options Contracts Info that Expired

I can't help you with the download if it's not working properly, but I can give you an alternative that is better than manually entering each transaction.  You can enter summary totals for each asset sale category.  It will require you to mail a copy of your Form 1099-B along with Form 8453 (which TurboTax will generate).  To do this in TurboTax Online,
 Click on Search
•    In the Search Window type 1099-B
•    Click on Jump to 1099-B
•    Click + Add an Account (if the account you were trying to download is showing, delete it first)
•    Answer Yes to "Did you get a 1099-B or a brokerage statement for these sales?"
•    Click on "I'll type it in myself"
•    Select your Bank or brokerage and click Continue
•    On the page with "Tell us about your…. 1099-B" click the button "I'll enter a summary for each sales category"
•    Enter your Investment Sale information and repeat to you have entered for each category.
After entering all your category summaries,  Look for "To finish reporting these sales, follow the mailing instructions" and click on the link for these instructions:

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
zenmster
Level 3

Errors Importing TDA Amertrade Options Contracts Info that Expired

Does the wash sale rule apply to options contracts? I have hundred of those 😳

zenmster
Level 3

Errors Importing TDA Amertrade Options Contracts Info that Expired

Wait you rec a method to help and said I would have to SEND a copy of my 1099 - does that mean I cannot efile?😯

Anonymous
Not applicable

Errors Importing TDA Amertrade Options Contracts Info that Expired

it may be that TT can not handle all the transactions you had.  the broker should be the one adjusting for wash sales and yes they apply to options.

 

two methods for you.  - you can't import so you will have to remove that.

 

one

for items reported to IRS with a cost basis and no adjustments can be entered as a total only needing a breakdown between short-term and long term. 

trades with wash sales and adjustments need to be detailed.

 

two 

no import 

enter the amounts in total that pertain to each line 1,2,3,8,9,10 on schedule D.  (this is through form 8949)

include form 8453

https://www.irs.gov/pub/irs-pdf/f8453.pdf

read the instructions for the form.  

you can then mail the 8453 with a complete set of the security transactions to the address noted.

 

note that there have been some posts that op's report they did option 2 without filing for 8453 and waited to see if the IRS requests details.  i don't recommend this.   if there are issues with your return, other than this, the IRS could claim you filed an incomplete return which is almost the same as them saying you didn't file. 

 

 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v