I got a notice from the IRS saying there were multiple instances of stock sales that were reported by Schwab but which I didn't file with the IRS.
The problem is that my company uses Schwab.
For the ESPP shares and Restricted Shares awards, they are deposited into one account (they call it the "Equity Awards" account). The company automatically sells 25% of the shares to pay taxes up front. Those sales (and the ESPP deposits) go on the Equity Awards account's 1099.
Then those exercised shares get transferred into a 2nd "Individual Account" when I actually sell them. This obviously is problematic.
Unfortunately, the way Turbo Tax is set up, It does not allow me to enter an account number, therefore, the only 1099 that gets downloaded is from the Individual account.
This sucks and is a royal pain in the ass to find out the hard way (from the IRS) that your software is not doing the right thing, not to mention the error prone nature of adding all these stock sales by hand in order to file an amended return.
Please fix this now.
