Reporting Stock Options

Has anybody had difficulty reporting stock options (not employee stock options) on TurboTax Deluxe?

There is no "stock option" selection under investment income.  I choose "stock' but it won't allow me to continue because when I sell options the "sell date" is before the expiration/acqusition date.  TT indicates error when it isn't.  In prior years it would alow me to continue but not 2011.  I've called customer service but no one, including a "tax expert" doesn't even know what a regular stock option is.  Sheesh.  Please help!
  • Instead of "stock" select type=other and then "option" but it falls apart after that.
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I used Turbo Tax Deluxe for 2009 tax filing and found it barely sufficent for ESOP.  For 2010 filing I went to TT Premier and it did everything I needed-- basically, stocks and call options.  I was very satisfied with Premier so I bought it for the 2011 filing.  However, I having difficulty finding where to enter call options.  It should be inituitive but it isn'tl.
  • I found where to enter options on TT Premier.  On the Investment Sales Summary, click "Add Another Investiment Sale" at the bottom of the screen, next click EasyGuide.  This will put you on the "Choose the Type of Investment" page.  Under "Other", click Other Investments, then click Continue.  This will put you on another page titled, "Choose the Type of Investment".  Click Options, then click Continue.
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I too have the same issue with Turbo Tax each year and have had to enter trade by trade.  Turbo tax doesn't even down load the proceeds/sales side which would make it only 1/2 bad.  I found I have to call each a "stock", because I tried "other" until I had a loss and it kept asking me if it was business related.  When I said no - it said it would either delete the trade or change the loss to $0.

It is time consuming and absolutely the worst part of completing my taxes each year.
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    The problem with Turbotax when trying to enter a short put or call that expired is,  TT only

    gives you the choice of (Sold OR Expired),  when in fact the option was (sold AND

    expired). It needs a choice of  Sold And Expired.   Turbotax please fix this issue.  

    Also the next choice is "Date Sold or Expired" , that needs to be separated into

    "Date Sold"   "Date Expired".  

    The answer is Turbotax is flawed.  You need to choose   Enter on a spreadsheet, not easy guide.
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      Cannot find "Options" options for Deluxe 2011.  I had to pretend it was a stock.  For options you write, it is like a short sale because you buy it back after you sell it (or it expires).  It works.
      • It works, almost.  Once again this year, TurboTax has failed to grasp the mechanics of a short option position, and what to enter when the sold option eventually expires wortless.  The instructions for Schedule D and form 8949 are quite clear.  When an option you write (sell, call or put) expires worthless, you are supposed to enter the expiration date in col. d, and the word "expired" in col. f.  If a long option position you purchase (buy, call or put) expires worthless, you are supposed to enter the expiration date in col. d, and the word "expired" in col. e.

        Of course, just as in previous years, TurboTax refuses to accept the word "expired" for the required sales price (col. e) or cost basis (col. f) fields.

        I guess the idea of a short sale of an option is simply beyond their ability to comprehend.

        I still don't know how to enter the info, but in years past, I simply left the cost basis blank, and manually wrote the word "expired" on my Sched. D.  That way, at least, my completed Sched. D complied with the IRS instructions for this form.

        Does anyone esle have any other ideas?
      • What a pain in the A!!! TurboTax should be able to pull put and call options from an MS spreadsheet.  This is will take hours to enter each transaction.  Very stupid to make you enter each one.  I may look for software that imports next year.  maybe some broker has software that does it.
      • The entry process for options is super-laborious. With TT Premier all my data got automatically imported with Gainskeeper, but I STILL have to run the "easyguide" on each and every line item to identify the options.
        In TT Premier click on the "easyguide" then chose
        Type of investment = "Other Investments",
        then on next page  
        Type of investment = "Options"
        then go through the next 7 or so screens before you're done with one option entry.

        Regarding the question on expired options:

        On screen 3 of the above process you can chose either "sold" or "expired". If you have a short option that expired then chose that and enter $0 as your cost basis . If you do this Turbotax will **apparently** do the right thing and put "EXPIRED" into the right field when they send your electronic filing to the IRS. Not 100% sure about this, but here is the blurb on TT Premier if you click the help for "date sold or expired":

        "Net Proceeds for Expired Options: The IRS instructions tell you to enter "EXPIRED" in the net proceeds field. TurboTax (and most other software) does not allow text in a numeric field, so enter zero instead. If you indicated that this sale is an expired option and you file electronically, we will automatically put "EXPIRED" into this field when we transmit your return to the IRS. You won't see it on-screen, but rest assured it will be there."
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