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Level 2
posted Apr 1, 2023 3:52:01 PM

If employer already took taxes out for stock grants and put the amount on box 14 do I still need to report employer stock transactions separately?

For example i had a 100 share grant but got 66 shares since my employer witheld 34 shares for taxes. Do I still need to report these stock grants/vests separately on my taxes or just leave it blank since my employer paid the taxes?

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5 Replies
Expert Alumni
Apr 1, 2023 7:04:18 PM

Please clarify if you received a 1099-B form.

Level 2
Apr 2, 2023 3:01:57 AM

I did not get a 1099-B but I also didn't sell any shares yet.

 

I did get a CONSOLIDATED 2022 FORMS 1099 AND DETAILS since I got dividends.

Expert Alumni
Apr 2, 2023 9:05:18 AM

No, you do not need to report anything else on your tax return since you did not sell any shares yet. Your W-2 includes the taxable income from your award and the taxes that have been withheld. When you sell your shares, you will receive a 1099-B and you will report your capital gain or loss.

 

Enter the dividend income from your consolidated statement under the Wages and Income section.

 

For more information, please review the TurboTax articles What are restricted stock units (RSUs) and how do I report them? and How to Report RSUs or Stock Grants on Your Tax Return.

New Member
Apr 9, 2023 12:06:57 PM

I did receive a 1099 which included quarterly sales of stock but according to the broker based on the method of handling selected, the funds were returned to the Employer.  There is an entry in block 14 of what I believe is the amount of stock that vested for the year 2022.  On the 1099 the basis given for the stock sold is zero. Do these sales need to be reported as short-term capital gains with a zero basis? 

 

Ike I

Expert Alumni
Apr 10, 2023 6:28:12 AM

In your question, you stated, "1099 the basis given for the stock", so if you did get a 1099-B form, it has to be reported on your tax return. 

 

Since the gain on that stock sale was included as income on your W-2, to avoid double taxation:

  • You will need to change the stock basis on the date of the sale, to the price on the date of sale.  
  • The result is zero gain or a minor loss due to brokers commission/fees.
  • To enter your 1099-B, click here for instructions. 

[Edited 04-10-2023|6:20 AM PST]

 

@Ike I