I entered 1099b and 1099r for Long term ESOP, income summery sheet counted both of them as income means I sold them for 50,000 but the income showed that my income was 100,000 how can I fix it?
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This is not the case, I'm referring to the summery sheet it shows my income doubled not my taxes I originally sold my stock for 50,000 as I mentioned and showed on the summery sheet 50,000 for the 1099r and 50,000 for the 1099b when I file my taxes my AGI is going to show that total , how do I fix it in steps if possible
thanks
It will show as income on the summary screen which shows gross income, not taxable income.
The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.
I understand that it's going to show on my income in the summery sheet but my concern was that the summery sheet not only showed the 50,000 from my 1099r but also adds another 50,000 from 1099b which was issued for the same stocks I sold for 50,000 means it showed double income , why do I see a total income of 100,000 when my income from selling the stocks were only 50,000?
The only way that I know that a 1099-B and a 1099-R can be related is for an ESOP reported on both and the 1099-R amount becomes the cost basis for the 1099-B to reduced the taxable amount to zero on the 1099-B.
In that case they are both income, but not taxable income for then 1099-B.
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