When I enter Put or Call options written in 1099-B section (Type of investment=Options) there is no box for proceeds. How would I enter it?

Forum|Forum|4 years ago
February 27, 2022
1 reply
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Under Short-term basis reported to IRS (covered)

TurboTax Premier Online

Best answer by GoRangers

Based on what you're saying you know where the form input screen is.

Please see line 8 below for the area to enter the proceeds.

The header is Now, enter one sale on your XXXX 1099‑B
Sales section Enter Short/Long Term designation
What type of investment did you sell? = Options
Box 1a - Description
Select the information type you see in Box 1b:
1. The date this investment was acquired
2. Something other than a date
Sold or expired?
1. Sold
2. Expired
Box 1c - Date sold or disposed
Box 1d - Proceeds
Box 1e - Cost or another basis

Thanks for your response. If 'Sold' is selected in '6 'Sold or Expired' then the 1d- Proceeds box appears.
However, if 'Expired' is selected in 6 than the 1d- Proceeds box does Not appear.

The options in question have expired.

Since the two brokers (Fidelity & Schwab) that I could import automatically marked Options Sold as 'Stock (non-employee') I will do the same for the options from my 3rd.

I think the Turbo Tax format assumes options are all purchased, so if they expire there are no proceeds. Therefore, options written/sold cannot be entered as options. However there appears to be no impact on the tax liability.

Regards,

JohnB5677

I'm not sure what you mean by "there is no box for proceeds". Is that on the 1099-B form?

These may be open positions that you have not closed yet,
Or possibly short option positions that had expired and gone to zero.

Yes, you should post the transaction as a (Short/Long) term basis reported to IRS (covered)

The Short or Long term designation will depend on the holding period.

Under new broker reporting requirements, options transactions are now reported to the Internal Revenue Service when you close the position, including your cost basis and capital gain or loss.

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GoRangersAuthor

Thanks for the reply. Proceeds are on my 1099-B Form. I have accounts at 3 brokerages. 2 are able to load automatically. The 3rd is not. When I enter the Put or Call Options I wrote there is no box for proceeds on TurboTax. I pasted below, hopefully it is readable.

When I select 'Options' for "What Type of Investment did you sell?" there is no box to place the proceeds amount. TurboTax shows boxes for 1A, 1C, 1E; but I don't see 1B-Proceeds.

When I look at the data from the 2 brokers that were automatically imported. The options I wrote Puts or Calls on, are reported as 'Stock (non-employee)' instead of 'Options'. Is this correct for TurboTax? The Expired choice only shows when Options are selected, not Stock.

Thanks,

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What type of investment did you sell? Short Term Basis Reported to IRS (Covered)

Sales info (Boxes 1a - 1e)

What type of investment did you sell?

— Select —Stock (non-employee), Cryptocurrency, Mutual fund, index fund, ETF, Bond, Options

Box 1a - Description

The date this investment was acquired

Something other than a date

Sold or expired?

Sold

Expired

Box 1c - Date expired (if shown)

Box 1e - Cost or other basis

JohnB5677

Based on what you're saying you know where the form input screen is.

Please see line 8 below for the area to enter the proceeds.

The header is Now, enter one sale on your XXXX 1099‑B
Sales section Enter Short/Long Term designation
What type of investment did you sell? = Options
Box 1a - Description
Select the information type you see in Box 1b:
1. The date this investment was acquired
2. Something other than a date
Sold or expired?
1. Sold
2. Expired
Box 1c - Date sold or disposed
Box 1d - Proceeds
Box 1e - Cost or another basis