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I am getting an incomplete import of a 1099-B. For SHORT options contracts that expired worthless, the cost basis is importing as (null) when it should be 0.00.

I have almost 200 of these entries where TurboTax needs more data (it requires me to click on each one and enter 0.00 for the cost basis)

is this a known bug and can it be fixed?

TurboTax 2018 Premier (MAC download)
Merrill Lynch 1099-B
MacOS Mojave 10.14.3

For comparison, my 1099-B import from TD Ameritrade handled the short options just fine with 0.00 cost basis.  I wrote to Merrill Lynch and they responded that it's a TurboTax issue.

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New Member

I am getting an incomplete import of a 1099-B. For SHORT options contracts that expired worthless, the cost basis is importing as (null) when it should be 0.00.

I can't do anything about the issue of the cost basis transferring as null instead of 0.00, but I can provide a work around.  It's not ideal, but it is better than adjusting 200 + entries.  You can enter your category totals instead of individual transactions.  To do so,

  • Click on Search
  • In the Search Window type Jump to 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 you Bank or brokerage and click Continue
  • On the page with "Tell us about your Merrill Lunch 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:

Take a moment to double-check that your statements are complete. For each sale listed, there should be:

  •  - A Description
  •  - Date Acquired
  •  - Date Sold
  •  - Sales Price
  •  - Cost Basis
  •  - Gain or loss for each sale
  •  - A based on how the sale was reported to you and the IRS

 In some uncommon cases, there will be an adjustment code and adjustment amount.

 NOTE: Any sales summaries that include only Box A or Box D sales, and which have no adjustments to gain/loss, do not need to be included on a statement mailed to the IRS.

 Here's how to mail your statements:

 If you are e-filing your tax return, then mail your statements along with Form 8453 to:

Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254

If you are not e-filing, then mail your statements with your entire tax return to your local IRS office.


Highlighted
New Member

I am getting an incomplete import of a 1099-B. For SHORT options contracts that expired worthless, the cost basis is importing as (null) when it should be 0.00.

I am also having this issue! I would much prefer to be able to report all of my trades including my short options that expired worthless. I hope Intuit will fix this. Going through 100s of nulls is a real pain.

 

Additional info: I did an import from Interactive Brokers