Skip to main content
Level 1
March 18, 2023
Solved

ISO Exercise - Form 3921 vs. AMT

  • March 18, 2023
  • 1 reply
  • 26 views

I entered the 3921 form I received for an ISO exercise (did not sell) in the Investment Income section as prompted. Do I need to enter the cost basis info again in the "AMT" section later (under Other Tax Situations when it asks about any uncommon situations), or would this be double-counting the same exercise?

 

I believe it is double counting, as the number in the summary section titled "ISO Exercise and Hold" is showing 2 times what it should be, but I just want a sanity check if possible.

 

For example, ISO Exercise and Hold amount should be 30k (based on the calculation of market price - grant price * shares exercised) but shows 60k. When I remove the info I manually input into the AMT section in "Other Tax Situations" section at the end, it reverts to 30k, which aligns with what's on the 3921 forms.

    Best answer by MaryK4

    Yes, if you entered the information in both sections, it will double count the income.  You will need to remove the information in one section.

    1 reply

    MaryK4
    MaryK4Answer
    Level 15
    March 18, 2023

    Yes, if you entered the information in both sections, it will double count the income.  You will need to remove the information in one section.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"