As a follow-up to previous posts, you won't be preparing and/or filing a Form 3921 and neither will TurboTax generate such form for you. Your Employer had an obligation to send you Form 3921 when they transferred their stock to you pursuant to your exercise of an incentive stock option (ISO). You must recognize (report) gain or loss on your tax return for the year in which you sell or otherwise dispose of the stock; however, in your case there is no gain or loss to report because you did not sell your ISOs. IRS instructions also provide that employees should keep Form 3921. Thus, you will not be submitting Form 3921 with your return. Your employer would have already filed such form with the IRS.
To determine what, if any, AMT you may owe, and if you are using TurboTax Premier online, then to enter your ISO information follow these steps:
- Go to Income & Expenses
- Scroll down to the category Stocks, Cryptocurrency, Mutual Funds, etc.
- Click on the drop-down arrow to open the window if necessary
- Select ISO Exercise and Hold
As you enter your information in this section, your AMT, if any, will be displayed and if you must pay the AMT, TurboTax will include this tax on your return.
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