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If you didn't receive a 1099-B - you might not have since brokers don't have to prepare them for "same day" sales - then you don't have to report the sale. But you might want to anyway simply because most same day sales result in a small loss due to selling commissions and fees.
Your per share basis in the stock is: (Compensation income reported on W-2 for the vesting) / 340.
If you get a 1099-B: Enter the 1099-B exactly as it reads and then click the blue "I'll enter additional info on my own" button. On the next page enter the correct basis in the "Corrected cost basis" box. The correct basis is: (# of shares sold) x (per share basis for that lot.)
If you don't get a 1099-B but want to report the sale:
Tell TurboTax that no 1099-B was received, identify that what you're selling is simply "stock", enter a description, the amount of proceeds, and the date of sale. Tell TurboTax you "bought" the stock, your "date purchased" is the vesting date, and then enter your purchase price which, again is (# of shares sold) x (per share basis for that lot).
Tom Young
(SINCE THE DEVELOPERS CHANGE THE SECURITY SALE INTERVIEW EVERY SINGLE YEAR I'LL NOTE THAT THIS ANSWER'S "TurboTax instructions" PERTAINS TO THE 2016 INCOME TAX YEAR. I'M SURE THAT THE INTERVIEW WILL CHANGE IN THE YEARS AFTER THAT.)
So, this makes sense.
But now, how do I get the tax back?
Since I'm giving the stock to charity, there shouldn't have been any tax!
See full post:
Thanks.
normally, the way this works is the employer will sell the shares and place the net into your W-2. is that what occurred? if so, there is NOTHING additional to report into TT. It's all in your W-2.
let's say you had 500 RSUs and on the day they vested the stock was selling for $10. The taxes (federal, state, social security, medicare) were $2000. So the company would have sold 200 shares to cover the taxes and then gave you the remaining 300 shares. Your W-2 would reflect income of $5000 and then the withholdings for the $2000 would be scattered into federal , state, medicare and social security lines.
You don't receive any cash, but you do receive the 300 shares in this example. your cost basis in these shares are 300. Whenever you eventually sell, the gain or loss associated with these shares will be pegged to $10 per share. But these sell transactions are not to be reported into TT until you actually sell!
(I don't agree with the advise provided because you state you DID NOT sell the remaining shares; if you had some the remaining shares, then i would generally agree!)
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