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New Member

Can you tell me to adjust my income for 1099b income already included in W2

 
5 Replies
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Level 7

Can you tell me to adjust my income for 1099b income already included in W2

You do not "adjust your income" and you are not going to be double taxed.  I assume this relates to an employee stock option you exercised and cashed.  Here's the deal: in reporting the stock sale shown on 1099B, your cost basis is the value of the option exercise reflected on your W2.  Since your proceeds were probably slightly less than that due to fees or commissions this will result in a small capital loss.

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New Member

Can you tell me to adjust my income for 1099b income already included in W2

Hi. I have a similar situation, but my 1099B, does show the lower cost basis (my exercise price)

So the exercise income was already represented in my W2, and when i enter my 1099B in turbotax, I am getting double taxed. Is the 1099B wrong? is there a way to solve this in the turbotax software?

Thanks, 

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Level 7

Can you tell me to adjust my income for 1099b income already included in W2

Assuming that your W2 income really does include exercise income, then your 1099B is incorrect.  You need to get the issuer to issue a corrected copy.

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New Member

Can you tell me to adjust my income for 1099b income already included in W2

Thank you. I called them. they said i need to adjust my form 8949. Do you know how can i adjust the form 8949 in turbotax premier?

txs again!

Level 7

Can you tell me to adjust my income for 1099b income already included in W2

ARE they producing a corrected 1099B or not?  The 8949,should reflect what was reported on the 1099B.  If they correct the 1099B then just back out the first transaction and enter the corrected one.  If they do not produce the corrected one, then filing the 8949 with figures that differ from the 1099B just will produce a letter from the IRS.