- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No, you reported the income associated with the discount when you entered the Form 1099-NEC income into your tax return. When you reported the Form 1099-B form you reported the stock sale proceeds and cost basis. The only thing you may have neglected to do would be to adjust the cost basis reported on the 1099-B form to include the income reported on the 1099-NEC form you received, assuming the cost basis reported was wrong. To determine the correct cost basis, you would need to add the cost of the shares acquired to the income reported on the 1099-NEC form and then divide it by the number of share acquired to determine the cost per share. Then, multiply that by the number of shares sold to get the cost basis that should have been reported on the Form 1099-B. If it is wrong, you will see an option to adjust it when you enter the Form 1099-B:
**Mark the post that answers your question by clicking on "Mark as Best Answer"