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Retirement tax questions
I'm sorry, if you wouldn't mind helping me get my tax liability figured out here then. There's something I'm not quite understanding then. Based on my documentation:
My 53 shares were worth $2568.93 in Feb 2020 when they vested; that amount is included in my W2 box 1 2020 wages. Employer withheld 22 shares to pay my $1071.32 in tax liability; I assume that amount is included in my corresponding W2 boxes for taxes withheld. That makes sense to me.
When I sold the 31 shares that day, my "net award" was $1468.02.
So now I get taxed again on $1468.02 when I enter in a 1099-B???? That's what doesn't make sense to me. Basically the "award" I got that was "worth" $2568.93 at vesting is going to end up being like $700 cash in my pocket?? That would be a joke.
At the end of the day, I'm just trying to figure out what I do with the 1099-B that was mailed to me. Box 1e and 1g are blank.