1379831
I sold Shares that for the Qualified Small Business Stock (QSBS) which is 100% exempt from taxes as per the Section 1202 exclusion. For the SAME shares I also need to report the AMT Cast Basis Adjustment (the shares were acquired from an ISO - incentive stock option). How can I report BOTH?
In 2019 TurboTax "Investment Income" section to report the Sale of Share I use "Guide me step by step" where I must choose ONE OF these options but NOT BOTH
a) I have a sale from an Employee Stock Plan (in my case ISO - AMT cost basis adjustment)
b) My sale includes one of these uncommon situations (in my case QSBS)
I need to enter data for BOTH but I am allowed to select only one.
How can I report BOTH the QSBS data and the AMT cost basis adjustment?
Thanks
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I have no idea, really, how the QSBS aspect might play into the AMT aspect, or it it even does. But you are right, you can't deal with both aspects in one fell swoop using TurboTax.
Here's one approach you could use. (This assumes you're using a desktop version of TurboTax where all the Forms, Schedules and Worksheets are always available to you.) Enter the sale using the ISO "guided" interview. Then go look at Form 6251 and see what adjusting entry has been made on line 2i. Write that down.
Then delete the trade and re-enter it using the regular 1099-B interview, taking the path that asks about the QSBS aspect. That will get that "side" of the sale for regular taxes taken care of. After that, go and work through the AMT interview. That interview will ask about the adjustment needed for the sale of the stock acquired via the ISO. (HOWEVER, I just tried to do that using the AMT interview and it looks like there's a bug in this part of the program. I posted about the problem so, hopefully, TurboTax will get that fixed.)
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