I received 7.5m shares of a company for a new startup I created. I filed an Election 82b within the required 30 day window. I paid $750 with a par value of 0.0001 per share. What do I put for the amount in Turbo Tax? It seems weird to put the amount I paid for something because this is under income. The share value has not changed.
I realize I cannot e-file and must print out my return, attach a copy of the 82b I filed with the IRS, and manually submit my tax returns this year.
You do not enter it as income in fact you don't enter it at all. The form is simply attached to your paper return.
Wow, that was the quickest support response ever! Thanks for filling me in. According to this thread, another helper states you're supposed to report it under Miscellaneous Income > Other Reportable Income, which is why I figured it had to go there. <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2600147-how-do-i-include-an-83b">https://ttlc.intuit.com/questions/2600147-how-do-i-include-an-83b</a> Your answer makes more sense though. Thanks again kind critter.