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Question

Which version of Turbo Tax should I use for stock market trades that include option covered calls?

Forum|Forum|4 years ago
March 7, 2022
3 replies
0 views

I used the free version last year (for 2020) but it had problems with some options trades.

I sold covered calls which are later bought to close. This means that the sale is first and the buy (to close) is later. The free version could not do this. It could not reach the completion to E-file. Even with support from your accountant that tried to help me I was told I would have to print it all out and submit the return by mail.

If I can't use the free version which version do you recommend? I also want to know what levels of live accountant support is included and what the current cost is.

Thanks

HelenC12

Stocks, bonds, mutual funds and other securities are investments. When you sell stocks, bonds, mutual funds, or other securities, you should get Form 1099-B from your brokerage. Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.

If you can't use the free version, below are the versions you may use:

TurboTax Online Premier,
TurboTax Online Live Premier,
TurboTax Online Self-Employed,
TurboTax Online Live Self-Employed (online), and
all personal CD/Download versions of TurboTax.

Only the online versions of TurboTax offer live support. To get the cost of Live and the cost of Live Full Service, click here.

With TurboTax Live, you'll get:

Product support from a TurboTax specialist,
Unlimited expert advise on investment and more,
An expert final review before you file,
Access to tax experts all year.

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model4sunAuthor

I started with the Free version just to file my extensions.

Now I selected the deluxe version that is for investments. $169 that is to be paid at the time of filing.

I am in my return but it shows that it is the free edition.

Is it supposed to update that later or if I sign out and then back in again.

DoninGA

Employee

@model4sun wrote:

I started with the Free version just to file my extensions.

Now I selected the deluxe version that is for investments. $169 that is to be paid at the time of filing.

I am in my return but it shows that it is the free edition.

Is it supposed to update that later or if I sign out and then back in again.

You mentioned $169. That would indicate that you requested the TurboTax Premier Live online edition. The Premier online editions are used to report investment gains and losses from sales of the investment.

Did you click on Upgrade on the left side of the online program screen?

See this TurboTax support FAQ for checking your fees - https://ttlc.intuit.com/community/charges-and-fees/help/how-do-i-review-my-fees-in-turbotax-online/0...

If you are using one of the Live online editions see this TurboTax support FAQ for contacting a Tax Expert - https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=l8lovfu8

model4sunAuthor

The main problem I had was

" I used the free version last year (for 2020) but it had problems with some options trades.

I sold covered calls which are later bought to close. This means that the sale is first and the buy (to close) is later. The free version could not do this "

Which version do I need to be able to do this?

I want the live support, so whilch online version should I use ?

Thanks

EbonyL122824

I'd recommend TurboTax Live Premier. You can begin by going here and selecting Premier.

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model4sunAuthor

Is there a free version I can use to start my return and file for extension and then switch to the paid version later?

Your system showed a free version that can be used if filed before 3/31 is that one still working?

I am thinking about that one to file my extensions and then switch it later to a paid version. Can I do that?

CarissaM

Yes you can do that. Form 4868 is the form you will use to file the extension.

Form 4868 is included in all TurboTax forms as outlined here.

Please let us know if you need assistance.

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model4sunAuthor

I did file for an extension with the free Turbo tax.

I got this is the email today:

" Dear Valued TurboTax Customer,

We’re reaching out to you because our records show that you prepaid for TurboTax while filing a federal tax extension. The good news is you already paid so all that is left are the final steps to finish and file your taxes today.

Please take the following actions to finish your return:

Sign into TurboTax with your User ID.
Select the Finish & File section.
Follow the steps to complete your e-file.

I'm sure I did not pre pay for anything.

I plan to use one of the paid versions when I am ready to complete the tax return.

Critter-3

Ok ... take a moment to think about the generic message and not get hung up on the details. If you used the FREE version to file the extension and registered the account then technically you paid NOTHING but the program registered the account as being paid ... nothing more so don't fret on this distinction.