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HSMRJM
New Member

Income reported twice

I sold Stock Options that I received from my Employer.  After the sale the profit and the Federal taxes were held out and showed on my paycheck stub. It is on the totals on my W2 form.

Merrill Lynch also send me a 1099B which shows the profits but does not have the Federal tax on it.

When I add the info on the 1099B it make me showing 31000 more in income and owing an extra $6600.

I then can type in the amount of the taxes I paid on the next page of Trubo Tax and it goes back to the amount it was before I entered it.

Doing this creates a different problem.  At the end of filling out Turbo Tax it adds on 22000 for my income for the year.

So am I better to leave it this way or not put in the 1099B information since the income and taxes already are showing on my W2.

Thanks

3 Replies
andrecs
Level 3

Income reported twice

I've got the same problem. I think it's a known bug. So many people are having this problem. The issue is you can't type in "Selling Price Per Share". Check it out. The field is not there. So turbo tax calculates it incorrectly.

LinaJ2020
Expert Alumni

Income reported twice

The issue has been submitted and is currently under investigation.  Please click on the following link and sign up for an email notification when it's fixed.  

 

Selling price per share

 

Thank You for your patience

 

Many large companies offer Employee Stock Purchase Plans (ESPP) that let you buy your employer's stock at a discount. These plans are offered as an employment incentive, giving you an opportunity to share in the growth potential of your company's stock.  For details about tax treatments, click here:   Employee Stock Purchase Plans

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andrecs
Level 3

Income reported twice

Hi Linaj2020, 

 

The selling price per share issue is actually a separate issue than the problem that TT has with ESPP transactions. The selling price per share issue was actually fixed in the TurboTax maintenance release that went out, Feb. 4th. The link you provided discusses only that issue, and I believe that is now fixed. That primarily affected RSU transactions.

 

What isn't fixed is the ESPP malfunction in the software that caused TT to compute $0 proceeds and a $0 cost basis on all ESPP transactions. I would love to hear an update specifically about that, if you have one.

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