1099- B RSU Cost basis

[zaradone]

For my RSU's  portfolio  I  have opted for "Withhold Shares"   such that my company sells options to withhold taxes before releasing the RSU's .  ALSO I DID NOT SELL ANY OF MY VESTED SHARES in 2021

In my W2 I see that my vested RSU income has been added. But, I also got 1099-B with  Cost Basis = 0.0.   

Now  in TT if I enter 1099-B, my Federal Tax due  shoots to $4000. And, I think this is incorrect.   As my  vested RSU are already part of my wages. I should not be taxed twice. How do I fix form 8949/1099-B ?

Here is how my 1099-B looks

Proceeds : 20,700.57

Cost Basis : 0.0

Gain/Loss : 20,700.57

[GeorgeM777]

If you did not sell any of your vested RSUs in 2021, then you have nothing to report on your tax return.  You are correct in that your employer will include the value of your vested RSUs on your W-2 and also sell some of those shares to cover the tax withholding obligations.

Thus, if you did not sell any RSUs in 2021, why does your Form 1099-B reflect proceeds of $20,700.57?  Can you identify what shares were sold that resulted in the sales proceeds?  

You are correct in that if you enter the transaction at issue with a zero cost basis, your tax liability will increase substantially.  Your cost basis is very likely not zero. Therefore, if this sale is an RSU sale, you need to adjust the cost basis.  The cost basis will be the price of the stock on the day the RSUs vested.  

@zaradone