Expired options

[Bonnie20]

Doesn't appear that my question is answered. I have options that have expired with a 0 cost basis. However, there are short term proceeds listed.  If I choose Expired there is no place to list the proceeds. Do I just list as a short-term sale?

[DianeW777]

Yes, choose short term as the holding period.  When you enter your options you can select they type of investment and the holding period as well as selection 'Something other than a date' to use 'Various' has the date acquired.

• Call options allow contract holders to buy assets at an agreed-upon price at a later date.
• Put options are financial contracts that let traders sell assets at a specific price by a certain date.
• Traders must decide whether to sell, exercise, or let their options expire as they get closer to the expiration date.

Go to the investment sales in question and make the necessary entries for holding period and acquired.

1. Search (upper right) for 1099b > Click the Jump to... Link > Edit next to the sale in question > make your changes
2. Continue to the screen 'Review this .... Sale'
3. Enter the Sales selection/holding period, Type Options, Description and then Something other than a date to select Various (unless you have the specific purchase date).
4. Continue to finish the sale.
5. See the screen image below based on which TurboTax version you are using

                                          

[ravi303]

Here is the discussion I had started about the same topic,

https://ttlc.intuit.com/community/taxes/discussion/needs-review-help-for-expired-put-options/00/3298...

Still there is a no clear answer. I was on call with a customer representative about this issue and after showing her how expired PUT options work and how they are displayed in the deskstop version of turbotax software, she was also confused and the finally it was decided to select short as a option (instead of expired) so that proceeds don't disappear and the information matches with 1099-B, I am not completely convinced with this answer but at this moment I don't see any other solution for this issue. Let me know if you find something.

[tony920]

Same bug/problem in 2024 Intuit turbotax Desktop - expired option does not have "Proceeds" entry.

This makes the software look very bad.

[BrittanyS]

Are you getting this after trying the steps provided by DianeW777?  I have attached her instructions here for easy review, "
 

#14439031

Yes, choose short term as the holding period.  When you enter your options you can select they type of investment and the holding period as well as selection 'Something other than a date' to use 'Various' has the date acquired.

• Call options allow contract holders to buy assets at an agreed-upon price at a later date.
• Put options are financial contracts that let traders sell assets at a specific price by a certain date.
• Traders must decide whether to sell, exercise, or let their options expire as they get closer to the expiration date.

Go to the investment sales in question and make the necessary entries for holding period and acquired.

1. Search (upper right) for 1099b > Click the Jump to... Link > Edit next to the sale in question > make your changes
2. Continue to the screen 'Review this .... Sale'
3. Enter the Sales selection/holding period, Type Options, Description and then Something other than a date to select Various (unless you have the specific purchase date).
4. Continue to finish the sale.
5. See the screen image below based on which TurboTax version you are using"

                                          

@tony920