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Investors & landlords
@Anonymous
Since you state that TurboTax is calculating compensation I know that you've used the RSU step by step interview, and I know that you've entered something incorrectly.
Understand that there's no real "income tax return reporting" reason to use that interview. There really are only 2 legitimate reasons the use that interview:
- Somehow the compensation associated with the vesting wasn't reported on the W-2, or
- You don't have a clue as to what the proper basis for the stock is and need TurboTax's help to come up with a reasonable estimate.
I take it that neither reason pertains to you.
What you're selling here is plain-vanilla "stock", really not a bit different than a stock you might have purchased through your broker, and that's the easier and less mistake-prone approach. You enter the 1099-B exactly as it reads, wrong basis and all, and then correct the basis using TurboTax's correction mechanism to get the Form 8949 to reflect everything properly.
Accordingly, I generally recommend NOT using that interview because it can be confusing and people frequently make mistakes. If you use the RSU interview TurboTax uses the exact same method that your employer uses to calculate the compensation - GROSS shares x a per share FMV figure - so you've overstated the gross number of shares vesting, probably because you've told TT about the same vesting twice, and TT isn't smart enough to figure that out.
I'd say delete the trade or trades you've entered using the RSU interview and simply report the trade as a regular stock sale, correcting the broker-reported incorrect basis.