My W-2 wages includes an amount in box 12 with code V (income from exercise of nonstatutory stock options) of $17,088.60. The federal taxes paid on these options also appear on my W-2. The options were granted to me at no cost on 9/1/2010. I have sold the same type of options in previous years using TT with no issues. The only thing different in 2020 is that the brokerage house has changed and I am now able to download the 1099 from the new brokerage house.
When I download the option from my brokerage account the income is appearing from my W-2 and in schedule D. How do I correctly list this amount?
If I go into TT and choose yes, this is stock that was acquired through an employee stock purchase plan and on the next screen choose NQSO, same day sale, date sold 6/1/2020, sold 100 shares, the total proceeds screen tells me 100 shares x $199.93 ( selling price per share) = $19,993 (total proceeds), from one grant lot, next screen exercise price $200.00, options granted 9/1/2010, 100 shares exercised, next screen net sales price $19,993, price paid $20,000, compensation income 0, cost basis = $20,000.00 - $20,000, short term loss = -$7.
When I do the review it says 1099-B worksheet line 18 column e should not be more than the FMV/share on exercise date. It lists e exercise price per share box 3 200.00, g fmv/share on exercise date box 4 199.93.
The 1099 lists box 1A – (the company name), quantity sold – (100), date acquired box 1b – (6/1/2020), date sold box 1c – (6/1/2020), proceeds box 1d ($19,992.60), cost or other basis box 1e – ($2,904.00),
Box 1f – (0), box 1g – (0), gain amount $17,088.60.
Looking at the brokerage sale paperwork it says – trade date 6/1/2020, quantity 100, price $200.00, principal $20,000, commission $6.95, fee $0.45, net amount $19,992.60.
To me everything appears correct except I get the error on the federal review.
