ESPP Compensation income without W2

Forum|Forum|4 years ago
February 19, 2022
3 replies
9 views

I have compensation income from selling stock that I purchased as an employee in an ESPP. I am retired and don't have a W2 form.

TurboTax computes the compensation income amounts, but I don't see them entered anywhere in the income sections. Should I enter the compensation income manually? If so, where?

ThomasM125

Level 15

The compensation portion of the gain should show in line 1 on your form 1040 if TurboTax calculated it automatically. If not, you can enter it as Other Adjustment to Income as follows:

- Go to the Wages and Income section of TurboTax

- Choose Less Common Income

- Choose Miscellaneous Income, 1099-A, 1099-C

- Choose Other reportable Income

- Enter a description and the amount of your compensation from your ESPP sock sale

You can view your form 1040 while working in the online version of TurboTax by following these steps:

While working on your return in the Federal section of TurboTax:

1. Choose the Tax Tools icon on your left menu bar

2. Tools

3. View Tax Summary

4. Choose the Preview my 1040 on your left menu bar

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Anonymous

Thanks, the compensation income portion does show up on 1040 line 1 as you said.

Now, for state filing purposes.....

ESPP Stock was acquired in Minnesota in 2015 and sold in 2021 in Utah where I now reside. Do I file 2021 Minnesota taxes for the compensation income, or do I keep them as part of my Utah taxable income?