maglib
Level 10

Get your taxes done using TurboTax

Enter the 1099B exactly as received but, as you know, the cost basis is inaccurate as they don't consider the fact that you were already taxed at ordinary income tax rates.

So you will have to adjust the cost basis.  Enter the information reported for your sale just as it is on the 1099-B and then check the box below the transaction that says "This sale involves an employee stock plan (including ESPP) or an uncommon situation"  then click on Start now.  Continue through the interview to enter the information for the ESPP.  You should have received a statement from your employer or the broker that manages your company's plan.  You will need that information. 

This will result in your transaction being properly recorded and the income will NOT be doubled. You may even have a small loss if there were expenses for the sale as you reported above.

Do note NOT ALL employees get 1099-B's and if there is no 1099-B a code V on your w-2 suffices for reporting and you would NOT have to enter a 1099-B.... (This is for other people who may read the response, as you got a 1099-B, yours must be reported).
**I don't work for TT. Just trying to help. All the best.
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I am NOT an expert and you should confirm with a tax expert.