We have a 1099 b form that shows the value of the stock and cash value but doesn’t show the tax removed. It is listed in the w2 with the amount received before tax taken. When I enter the 1099 online we lose part of our refund but already paid tax on it?
It sounds like you sold stock you received from a Restricted Stock Unit (RSU) award. If that is the case, then you have to adjust your cost basis to account for the fact that the value of your RSUs was included in your taxable income. You also could have acquired the stock from Non-Qualified Stock Options (NQSO). You need to determine exactly what kind of company stock award you got the stock from to determine how to report the 1099-B.
See the following TurboTax article: What are restricted stock units (RSUs) and how do I report them?
Thank you for the great information. That makes sense. It was an RSU award. Is there a place to figure out how much I put in for the cost basis since it’s already part of my earnings on my w2?
Yes, you can check the fair market value on the date it was vested, or check with your employer for the actual amount per share. Multiply that times the number of shares sold for your cost basis.