tl;dr I exercised 560 shares of ISO and sold 363 shares of them at the same year. How should I report my exercise for the purpose of AMT?
I exercised two ISO at 2022, one with 300 shares at Apr 6th, another with 260 shares at Jun 29th. The market prices were greater than the exercise price.
At the same dates, I sold a portion of them: 97 shares at Apr 6th, and 266 shares at Jun 29th, with the market prices. I held the remaining 197 shares to the end of year.
When I work on the tax return:
- First, I report the short term sales of those (97 + 266) shares, and will be taxed for the capital gains with cost basis of the exercise price.
- Then I need to report the "ISO Exercise and Hold" to calculate the AMT.
Question:
Do I need to report ALL the shares I exercised (for both exercises), or just the unsold shares of them?
- If I report all the 300 + 260 shares, I will be taxed for the AMT, which seems a double taxation since I already sold most of them at the same year and paid the capital gains tax.
- If I should report the unsold part, how should I do that with TurboTax?
- Or, should I report all the exercised shares, but adjust the cost basis for the sales?
