I just filed my taxes using Turbo Tax, but I just found a paper (that I misplaced) that says "Statement of Taxable Income...unvested exercises with 83(B).
I have never owned stock before, and my company gave me 33 shares this year as part of a 4 year bonus. I paid money out of pocket (sorry, I'm not stock term savvy) for the taxes (?) on the stock for this years shares, but I did not sell any to pay for those taxes, nor did I receive any $$ for those shares (like selling them).
So, I own the stock, I even got $33 in dividends (WOOHOO! (not)), and I reported the $33 in dividends on my taxes.
HOWEVER, I did not enter in the amount on this "Statement of Taxable Income" form that shows the total value of the stock, and lists it under a column "W-2 income".
So, finally, my question - did I screw up in not entering this as a 2nd W2 form even though it doesn't look like the W-2 I got from my employer?
Do I need to file an amended return?
The first thing you need to do is to determine if that "compensation" income that was created by your 83(b) election was already reported on your W-2, and it probably was, along with the "withheld" taxes that you paid out of pocket. If that compensation is there then you are fine. You did file a copy of your 83(b) election with your income tax return, didn't you? If not, you can "amend" for that reason and send in the 83(b) election.
Tom Young
The first thing you need to do is to determine if that "compensation" income that was created by your 83(b) election was already reported on your W-2, and it probably was, along with the "withheld" taxes that you paid out of pocket. If that compensation is there then you are fine. You did file a copy of your 83(b) election with your income tax return, didn't you? If not, you can "amend" for that reason and send in the 83(b) election.
Tom Young