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Question

How to report covered calls ? My 1099-B from broker (Robinhood) has cost basis 0 for these calls and it gets flagged during review

Forum|Forum|5 years ago
April 15, 2021
2 replies
0 views

No text available

TurboTax Premier Online

how many trades? if only a few enter 0 (zero) for cost where appropriate.

Employee

Another resourceful TurboTax user posted that you can just ignore those flagged transaction with warning for zero cost basis.

Your e-File will go through.

Note: zero cost basis for a short call that expired is normal and should not be flagged.

TT is such a terrible product. Even simple things like handling 0 cost-basis on RH forms is unfixed for years. Surprisingly they don't have a problem of handling 0.0 from Schwab forms. Looks like they have separate import jobs for different provides and RH job did a particularly bad job. To reiterate - this is Intuit/Turbotax problem, not Robinhood.

Shame on them. I really hope in the age of AI someone will come up with AI based form importer and disrupt this greedy business.

I stand corrected. They've also screwed up my Schwab form, but somehow I've missed that if was flagged as needs review 🙂