Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
MB1991
Level 2

Options transactions are flagged and need review of each transaction. This is getting too annoying. Can we leave it like that and paper file?

I have options transactions (Sold options) that have been reported on 1099B. Now turbo wants me to review each as they have categorized it as non employee stock and update each transaction...How do I deal with this or is it time to drop Turbo tax from 2021..
5 Replies
Mike9241
Level 15

Options transactions are flagged and need review of each transaction. This is getting too annoying. Can we leave it like that and paper file?

if these are noncovered options and expired then probably the $0 cost basis is missing and needs to be entered for each.  can't say if the issue is with Turbotax or the way the broker formatted the info for import.

 

 

if these are all covered options, then don't import assuming there are no wash sales or other adjustments to basis. go to the wages and income section. in that section gp to 1099-b or broker's statement and click on start for Stocks, etc. then yes. then continue. then yes. then I'll type myself.  select brokerage (don't know why TT want's this since this info is not sent to the IRS. then I'll enter a summary - enter total sales price and total cost. then for sales category select BOX A. - you're done

 

if you have trades other than options you can enter summary totals for each sales category. then send the IRS form 8453 with a opy of form 1099-B. follow the instructions on form 8453 

fanfare
Level 15

Options transactions are flagged and need review of each transaction. This is getting too annoying. Can we leave it like that and paper file?

Believe it or not, for some of these warnings, you can go on to FILE and it will go through.

You have nothing to lose by trying, as long as everything else is finished and correct.

 

If you don't have wash sales, using the "summary option" for your covered transactions is much more convenient.

MB1991
Level 2

Options transactions are flagged and need review of each transaction. This is getting too annoying. Can we leave it like that and paper file?

Thanks, did the summary option and it looks fine FINALLY!! I was getting frustrated. Thanks so much for your detailed response!

MB1991
Level 2

Options transactions are flagged and need review of each transaction. This is getting too annoying. Can we leave it like that and paper file?

thank you for the detailed response. Following you and what fanfare said, I did just that and now relieved and ready to file! I think I will totally stop importing these 1099Bs and type in myself henceforth. Its much better than editing!

fanfare
Level 15

Options transactions are flagged and need review of each transaction. This is getting too annoying. Can we leave it like that and paper file?

the rule (explained in IRS instructions) is :

a) covered transactions without adjustments do not require Form 8949.
b) covered transactions with adjustments (i.e. wash sales) must be detailed on some 8949 or your other forms in the manner of 8949.
--
If you summarize a) no mailing is necessary
If you summarize b) or summarize other categories either attach (*) or mail in the details .
(*) some users have reported TurboTax may prompt you to attach a PDF file of details.
Box A and Box D are your covered transactions.

a) is the only Exception to the IRS requirement to list in detail every closing transaction you make during the year.

Dynamic AdsDynamic Ads
Privacy Settings
v