expired options on 1099-B

Forum|Forum|4 years ago
February 27, 2022
1 reply
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I'm using the desktop version of TT and I've got imported options that expired worthless. These are imported as blank for sale proceeds, and that is fine - I can just change the sale proceeds to zero where applicable. When I click on the help for Sale proceeds within TT, a box pops up with a section at the bottom that says:
Expired Options: The IRS instructions tell you to enter "expired" in the net proceeds field but TT requires it to be numeric so enter zero... It goes on to say that if you indicated that this sale is an expired option and you file electronically, TT will automatically put the word "expired" into the field. So my question is where do I indicate that this is an expired option? I don't see that as a choice on this screen or the following less common items screen.

Best answer by JohnB5677

I do see that on the desktop version. There are a couple of features that you may be able to use.

In Date sold, you can enter Worthless. If you type the "W" it will pop up.

In Date acquire you have the option to type Various. Again, you only have to type "V".

These are the only alternatives that you have for posting the Options.

JohnB5677

Level 15

No, the less common items screen is not the correct place to post the options.

You should go back to Wages & Income

Investments and Savings
Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Add investments
Relax. We got it. = Continue
Let's import your tax info = Enter a different way
Select box - Stocks Bonds Mutual Funds = Continue
Which bank or brokerage sent you a 1099-B for these sales?
Enter the information = Continue
Answer the questions = Continue
Now, choose how to enter your sales = One by one = Continue
On the input page, you will see What type of investment did you sell?
Select Options
You will then have the opportunity to enter Expired

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lovingtaxesAuthor

Level 2

Hello and thanks for responding. You must be referring to the online version of TT, because I'm not seeing the same thing that you are (I'm using the desktop Mac version - Home & Business). Under Personal -> Investment Income, I see Stocks, Mutual Funds, Bonds, Other which I can choose and then roughly follow your path where I can enter broker info and then choose to enter one by one, but the screen for entering sales one by one is the same one I described previously and doesn't have an option to choose the type of investment that was sold. The only items I can enter are:
Box 1a Description
Box 1c Date Sold
Box 1b Date Acquired
Box 1d Sale Proceeds
Box 1e Cost or other basis
Sale Category dropdown
There is no opportunity to enter investment type on this screen or any of the following screens related to the sale.