The amount in my summary for ISO Exercise and Hold is double what it should be, why?

[ThomasM125]

The income on the exercise of your incentive stock option (ISO) should be reported on your W-2 form as wages in box 1. There should also be a mention of the amount in box 14. Often, the form 1099-B reporting the sale of the stock will not include that income in the cost basis of the shares sold as it should be, so the income ends up being doubled on your tax return.

To remedy the situation, you need to adjust the cost basis of the investment sale to add the income reported on your W-2 form. You will see an option to adjust the cost basis reported on your form 1099-B when you enter it in TurboTax.