No, for the AMT, just report the shares that you held over year-end. You are correct in that the shares you sold you will pay the relevant capital gains tax. To report your ISOs, both the shares you held over year-end and the shares you sold, enter these transactions as two separate transactions. For example, in TurboTax online, after you select Wages & Income, left margin, scroll down the screen to the section, ISO Exercise and Hold, and beginning with the screen, Did you buy and hold ISOs in 2022, enter your information as prompted. The information question on that screen, What if I bought and sold ISOs in the same year? will advise you to report your sales of the ISOs in the section Investments and Savings. Investments and Savings is on the same screen as ISO Exercise and Hold.
If you are using TurboTax CD/download, enter the information about your ISO sales as follows:
- Select Personal, then Personal Income.
- Scroll down the screen to Investment Income.
- Select Stocks, Mutual Funds, Bonds, Other...
- Enter your information as prompted. Moreover, you will see a screen asking about how you acquired the shares in question. You can select the ISO option.
- At the screen, Did You Buy or Sell Shares? select the option that you sold your shares and continue through the application.
In TurboTax CD/download, in the Investment Income category, there is also an option to select ISO Exercise and Hold. Select that option for the ISO shares you held over year-end and enter your information when prompted.
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