Yes, you will have to pay tax on the shares that were sold.
It does not matter if you sold the shares, or the company did. They were sold from your account, and they will be taxed.
When you post your 1099-B there are several factors that determine the value and the tax on the shares sold.
- You have a cost basis of zero.
- This means 100% of the value of the stock sold will be taxed.
- I expect that it was sold in the same year you received the stock.
- This means it will be taxed as regular income at your highest tax bracket.
Please clarify your question.
- You said: "When I enter the information from the 1099-B my taxes go up almost half the cost of the RSUs sold for taxes."
- Does that suggest that it was half of the entire RSU award?
- Do you know what tax bracket you are in?
- What was the amount that was sold, and what was the increase in tax for that?
Please contact us again and provide some additional details.
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