Non qualified stock options turbotax
I exercised stock options from my employer in that I was granted in I made a profit on the sale and had Federal and State taxes withheld. This transaction was listed on a pay stab and the net proceeds are listed as "V" in box 12d on my W Do I need to enter the details of the transaction in Turbo Tax in the Stock section of Investment Income in TurboTax, or leave it blank since it was entered as part of my W-2?
However, if you got a B you would have to report it, even on a same day sale. You will receive a B and you will need to enter it as a stock transaction. Your net proceeds are taxable as ordinary income and included in Box 1 of your W When entering your B, do not import the transaction, rather check the box " I'll type it in myself ".
Below where you type in the details of your transaction, you will check the box " This sale involved an employee stock plan including ESPP or an uncommon situation ".
Money A2Z
Depending on the type of options you exercised, you will need additional information that was provided to you by your employer or the plan administrator. I have a similar situation in regards to sale of stock options and paid all taxes at the time and have the same net proceeds listed as "V" in box 12d of my W The option were exercised and sold on the same day.
I however received a form B. The above question did not mention a B. Do I need to enter the information from the B into my tax calculations? The gain amount in this case is already stated on my W-2? Wouldn't this result in my paying taxes on the money twice? Adding the B information to my return results in a rather large difference in my taxes.
Is the broker-dealer using the option strike price for your cost basis on the B? Brokers no longer include the compensation element of basis in B's. I am in a similar, if not exact situation.
I also have 2 entries on my B that reflect share grants long term that were sold Box X and noncovered that show no basis, nor withholding, so again, I'm paying tax twice. I found something in the help that seems to address this: TurbotaxDavidD states that as long as the stock option was exercised immediately, the B does not need to be entered in Turbotax as long as it was reported on the W2. Can some confirm if this is correct?
People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:. Saved to your computer. Select a file to attach: Ask your question to the community. Most questions get a response in about a day.
After you register or sign in, we'll return you to this page so you can continue your participation in the community. Submit a question Check notifications Sign in to TurboTax AnswerXchange or. Back to search results. Sale of employee stock options I exercised stock options from my employer in that I was granted in Asked by mahgallo TurboTax Deluxe Options Edit Ask for details Archive.
Was this answer helpful? No answers have been posted. This post has been closed and is not open for comments or answers. Here are five guidelines: When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language.
Avoid jargon and technical terms when possible.
When no other word will do, explain technical terms in plain English. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it.
Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up.
Non-Qualified Stock Options - TurboTax Tax Tips & Videos
It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for.
Then, provide a response that guides them to the best possible outcome. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes. To continue your participation in TurboTax AnswerXchange: Sign in or Create an account.