The gain on the sale of my ESPP shares is being reported twice. Once in the W2 and once through 1099B. How do I report the 1099B as to not report the gain twice?
"The gain on the sale of my ESPP shares is being reported twice. Once in the W2 and once through 1099B. How do I report the 1099B as to not report the gain twice?"
That's because you're using the wrong basis to report your sale. Your basis is not the amount you paid for the stock, even though that's what the broker is reporting. The correct basis to use is the sum of what you paid PLUS the compensation created by the sale. (That's actually what the W-2 is reporting - it's not "gain", it's "compensation".)
Enter the 1099-B exactly as it reads. Then click on the "I'll enter additional info on my own" blue button. On the next page enter the correct basis in the "Corrected cost basis" box. The correct basis is (number of shares sold) x (correct per share basis, which includes the compensation per share)
TurboTax will report the sale on Form 8949 "as reported by the broker" but will put an adjustment figure into column (g) of the Form, a code "B" into column (f) of the Form, and the correct amount of gain or loss which includes the adjustment.
Tom Young