RSUs on (Canadian) T5008

[mememettax]

I work for a Canadian company while based in the US. I did not receive a 1099-B. I did get a T5008 and I have access to RSU transaction history with:

A) short term sale to cover the costs of vesting RSUs

B) long term sale of some vested RSUs.

US federal income tax was withheld on the short term sale

No US federal income tax was withheld on the long term sale

Three questions:

a) For the short term sale I believe I need to tick box A on form 8949: "short term transaction reported ... showing basis was reported to the IRS" (even though I did not receive a 1099-B)?

b) For the long term sale I don't know whether to tick Box E or Box F on form 8949?

c) for the short term sale, I noticed that more taxes were paid than were due (due to share quantities being rounded). Can I somehow claim the extra tax paid back?

[TomYoung]

You didn't receive a 1099-B so the "most correct" approach here is to answer "No" to the question "Did you get a 1099-B..."  That will put you in a different section of the "Stocks, Mutual Funds, Bonds, Other" interview and using that interview will properly report your sales.  You tell TurboTax that you sold "Stock", you tell TurboTax that you "Bought" the stock on the vesting date, and the per share purchase price of the stock sole was the same as the per share "fair market value" used by your employer to calculate the compensation reported on your W-2.  (I assume you know this information, or can figure it out.)

Let's get some concepts of RSUs straight:

"US federal income tax was withheld on the short term sale"  Maybe this is just a misstatement of the facts on your part, but it wasn't the sale that triggered withholding, it was the vesting that created compensation and that compensation, in turn, requires withholding of taxes.  The sale raised the cash "for taxes", that cash was passed back to your employer, who paid the taxes and then included those taxes in the various "taxes" boxes of your W-2. 

"For the short term sale I believe I need to tick box A on form 8949:..." 

Since you told TurboTax you didn't get a 1099-B you'll just report the short term sale using the "no 1099-B" interview.  That will put the sale in Box C of the Form 8949 "Short-term transactions not reported to you on Form 1099-B".

" For the long term sale I don't know whether to tick Box E or Box F on form 8949?"

You shouldn't be ticking anything.  Having told TT that you didn't get a 1099-B, having entered a date of "purchase" that's over a year earlier than the sale date, TurboTax will settle that trade in Box F of the Form 8949.

"for the short term sale, I noticed that more taxes were paid than were due (due to share quantities being rounded). Can I somehow claim the extra tax paid back?"

I'm not sure what you're saying here.  If the cash raised "for taxes" was more than needed for the withholding paid by your employer on your behalf, I'd think you'd get that extra cash handed to you.  Why do you think you can claim the "extra" cash as "taxes"?

[mememettax]

[EDIT: worked out how box 14 on my W-2 was calculated. I assume this is "compensation reported on your W-2"]

Thanks a lot for the detailed answer! My understanding is improving.

I entered the "different section of the "Stocks, Mutual Funds, Bonds, Other" interview ".

Let's say X stock were release, I sold Y to cover the costs, so I ended up with Z=X-Y stock.

I list Y under "some basic info about this sale". I tick "taxes were not withheld".

Then, I go on to "I bought this stock". Date purchase is date vesting.

But now I get confused: I have for the transaction:

1) a market price on grant date (a year prior to vesting): A

2) a release price: B

3) a fill price: C

(A > B > C)

Y*C is listed under "proceeds or settlement" on theT5008.

Y*B is listed under "costs or book value" on the T5008.

First question:

What should I use for "total purchase price"? Y*B or Y*C.

What about Y*A?

EDIT: I found that Z*B is reported on the W-2, box 14

Second question:

I do not need to mention the Z=X-Y stock in this transaction? I.e. Z comes into play when I report the sale of Z, in the future.

[TomYoung]

"[EDIT: worked out how box 14 on my W-2 was calculated. I assume this is "compensation reported on your W-2"]"

The compensation created by RSUs vesting is: (GROSS number of shares in grant, before shares are withheld for taxes or sold for taxes) x (per share "fair market value" selected by your employer).  Your per share basis is the same as the per share fair market value used to calculate the compensation.  Box 14 is typically used with RSUs to disclose the compensation included in Box 1 of the W-2.

The per share basis is what you will also use for future sales and there's no need to mention the number of shares in the grant; the latter is all swept up in the W-2 figures.