turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

My ESOP's 1099-R reports total value of stock shares issued but I only sold some of it and shown on my personal brokerage acct's 1099-B

I took a complete distribution for my ESOP account from my former employer after I left and they issued me a single stock certificate for the total number of shares from my ESOP account. The 1099-R that arrived shows Box 1 (Gross distribution) and Box 2a (Taxable amount) to the same and of the market value of the shares at the time of issuance. 

 

I deposited the stock certificate to my TD Ameritrade account and sold some shares (6709 of 8909 shares) a few days later.  This sale transaction shows in my 1099-B without a cost basis.

 

How do I put these together in Turbo Tax Premier to ensure that I am not taxed twice and also minimize my tax liability? Can I enter the same figure under "Proceeds" in the "Cost Basis" box?

 

The remaining number of shares is still in my TDA account with the value now less than 50% from what my 1099-R reported. Aside from being taxed on the full Gross distribution, I am already hit with the 10% early withdrawal penalty on the 1099-R.  This has now turned into a loss on my finances instead of getting anything from it.

 

Thank you.

 

@Opus 17 @dmertz 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dmertz
Level 15

My ESOP's 1099-R reports total value of stock shares issued but I only sold some of it and shown on my personal brokerage acct's 1099-B

The per-share cost basis is the amount in box 1 of the Form 1099-R divided by the number of shares and the holding period began on the date of the distribution, so the sale reported on the Form 1099-B would be short-term.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question