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SeeCandyRun
Level 1

RSUs and Adjusted Cost Basis

My husband receives RSUs from his company. In 2020, we sold more of that stock than we normally do. When I was filing our taxes, I came upon the question/flags about entering my Adjusted Cost Basis for each sale. I do not ever recall getting this prompt in the past. 

 

I pulled out the ETrade records and started entering the Adjusted Cost Basis (the Cost Basis had been recorded as $0.00. With each entry, my liability decreased dramatically. When I was done, I owed 79% less than when I started. In an excited panic, I hurried to purchase the larger TT support package. And then I just filed-- which meant that I am no longer eligible for the help I had just paid for. So here I am-- asking the community-- did I totally screw up or did I do it correctly? 

3 Replies
Rick19744
Level 11

RSUs and Adjusted Cost Basis

Probably best if you provided additional information / clarifications:

  • Have you already filed your tax return?
  • Did you use "0" as the cost basis?
  • Do you understand your actual cost basis?  This should have been included in your husband's W-2 in the year the units vested.
  • How long were the units held?
*A reminder that posts in a forum such as this do not constitute tax advice.*
SeeCandyRun
Level 1

RSUs and Adjusted Cost Basis

Hi Rick,

Thank you for replying! 

 

Here is more information:

  • Have you already filed your tax return?
    • Yes-- I totally jumped the gun 😬
  • Did you use "0" as the cost basis?
    • Yes and then when prompted to find and enter the adjusted cost basis, I did that.
  • Do you understand your actual cost basis?  This should have been included in your husband's W-2 in the year the units vested. 
    • The cost basis on all on ETrade shows as $0.00
  • How long were the units held?
    • All of these were acquired and sold in 2020

 

SeeCandyRun
Level 1

RSUs and Adjusted Cost Basis

I'm not sure if this detail is useful, but the numbers in these 2 columns matched: Adjustment Amount (Ordinary Income) &  Adjusted Cost Basis.

 

I appreciate any more feedback that you have and am fully aware that the feedback is anecdotal and not professional consultation. 

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