AmyC
Expert Alumni

Retirement tax questions

@chrisingrassia   You had questions but did it anyway! You entered the sales category, made adjustment, if $1,498 was the amount included in box 1 on your w2 for this sale, perfect.

 

The sale of the stock would be to cover your Medicare and Social Security taxes along with some portion being added to your federal taxes paid.

 

The sale of the stock is considered income because it was sold to benefit you. You are able to claim credit towards Social Security and credit for federal tax paid. You had a loss since the w2 income is more than the sale price. The expenses of the sale give you a small loss for your tax return.

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