Hi! I haven't had to report anything tied to RSUs in the past. My employer granted me RSU's this year and sold a portion of those for taxes on my behalf on the day they were issued/vested. I received a form 1099-B from the brokerage that manages the RSUs and it shows:
- The quantity (Box 1a)
- Date acquired (Box 1b)
- Date sold (Box 1c)
- Proceeds (Box 1d)
- Cost or other basis (Box 1e)
"Proceeds" and "Cost or other basis" are non-zero and are within a few dollars of each other. The line with those values shows "Short Term - Noncovered Securities* (Short-term transactions for which basis is not reported to the IRS - Report on Form 8949, Part I, with Box B checked.)"
Some questions:
1. Do I still report this in TurboTax? I never received money from this sale to cover taxes.
2. I assume my employer (a very large company) took the money from this sale and paid the IRS. Is this correct typically?
3. If I do report this 1099-B form in TurboTax, where do I report it and specifically how? There's a place for "Did you sell any of these investments in 2023?" If I say "Yes" and select "Stocks, Bonds, Mutual Funds", then skip the import (my specific brokerage name is not listed for imports), enter the brokerage, Continue, then I am asked "Do these sales include any employee stock?". I did sell the RSUs, but it was only to cover taxes.
4. Assuming the place in TT I mentioned in #3 was correct to enter this, I chose to enter the sales one by one (there was only one sale in 2023 to cover taxes and I did not sell anything else for myself), how come my Federal Tax Due did not decrease? Do most employers report sales of RSUs to cover taxes in the main W2 already and this form 1099-B is for something else?
I just want to make sure this sale is not reflected incorrectly in my tax return for 2023 and I haven't had to report this before. Any help on how specifically to enter in TurboTax is appreciated.
Thanks!
