I sold non-qualified stock options. My financial institution is stating form 8949 needs to be filed. Turbo tax is adding income to my W2 and doesn't ask for the adjusted gain/loss. I have the amount added in by W2 and turbotax is adding it twice. My financial institution states something is wrong with this and I should go to a CPA. Can you tell me what I am entering wrong? Or why is it not asking me for the supplemental stock plan lot detail as on my 1099-B that I received?
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If you received a stock award (e.g. Resricted Stock, or RSUs), tax is assessed on the value of the stock on the day the stock vests/ is delivered. That amount is ordinary income, and is included in Wages on Box of your W-2 for that year. Your cost basis is also the value of the stock on the day it vests or is delivered. The problem is, brokers don't have (or don't report) that information. If you know the amount that was added to your income, that is your actual cost basis. In order to keep from paying tax on the stock award twice, you have to correct your cost basis. To do so, go to that 1099-B transaction, and on the page with the Description, Date Acquired, Date of Sale, Sales Price, and Adjusted Cost or Other Basis, click on "I'll enter additional info on my own". On the next page, enter the "Corrected cost basis"
If you received a stock award (e.g. Resricted Stock, or RSUs), tax is assessed on the value of the stock on the day the stock vests/ is delivered. That amount is ordinary income, and is included in Wages on Box of your W-2 for that year. Your cost basis is also the value of the stock on the day it vests or is delivered. The problem is, brokers don't have (or don't report) that information. If you know the amount that was added to your income, that is your actual cost basis. In order to keep from paying tax on the stock award twice, you have to correct your cost basis. To do so, go to that 1099-B transaction, and on the page with the Description, Date Acquired, Date of Sale, Sales Price, and Adjusted Cost or Other Basis, click on "I'll enter additional info on my own". On the next page, enter the "Corrected cost basis"
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