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chad_gus
New Member

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

My box 14 showed a value that I know was a part of what is in box 1.  What TurboTax calculated after I entered all the information for my individual RSU grants was about 2.3x what was shown on my W-2.  I believe there is an error in TurboTax, but maybe I entered my information incorrectly.

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8 Replies
TomD8
Level 15

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

The RSU amounts reported in Box 14 are already included (or should be) in Box 1.  Check with your payroll department to be sure.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
chad_gus
New Member

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

Thanks Tom.  For further detail on my question, my RSU amount reported in box 14 is less than half what TurboTax Premiere is stating it calculated.  So when TurboTax states what it computed, it asks me if that amount is reported in box 1.  My answer is "no" and when I do that, the amount I owe quadruples.  I think TurboTax is incorrectly calculating, but I have no way of fixing that.
TomD8
Level 15

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

This previous TT answer might help:  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4414841-q1-how-is-rsu-amount-calculated-on-w-2-is-it-based-on-clos...>
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
chad_gus
New Member

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

I still don't understand how the RSU value reported on my W-2 should be different than what is in TurboTax.  My 1099-B information from e*trade matches what is in TurboTax exactly.  Why is it that the box 4 amount included in box 1 amount makes sense, but there is no way that the amount TurboTax added could possibly be reported as a sum of my box 1 amount?  Unless TurboTax is having a calculation error...
TomD8
Level 15

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

@TomYoung - Can you help?
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
chad_gus
New Member

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

So I figured out what I was doing wrong that had the calculated amount come out as the wrong value.  I was doing double entries.  E*TRADE reports each transaction for an RSU as a separate line-item.  It does this for the shares that are sold to pay taxes as well as any shares I might have entered.  So the best I can tell, there are two ways to go about this.  The first is to enter all the information for each line item.  So if 90 shares were sold to pay taxes, I enter it that 90 shares were released and 90 were sold to pay taxes.  Doing it this way gave me an error during the error check for each of the 5 tax sales.  So then I tried by consolidating so that I only had one line per grant, including one line item where there was a sale to pay taxes, but I didn't sell any shares.  I "think" that was the correct way to do it.
mkarthik01
Returning Member

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

I have the same problem. I have fidelity.

After entering all info, Turbotax shows the amount of ESPP calculated by turbotx.

The ESPP amount matches. The RSU amount differs - Turbotax is 1.6 times the amount in box 14.

 

In turbotax, I have only entered the stocks that I sold.

For example, let's say 60 shares were distributed and 20 were sold to cover taxes (per statement from Fiedlity)

I entered info for only 40 stocks.

 

What's going on?

 

AmyC
Expert Alumni

TurboTax calculated RSU amounts that do not match what was on my W2. My company reported RSU amounts in box 14. TurboTax said it should show in box 1.

20 shares were sold to cover taxes so 20 shares of income is in your w2 box 1 with the proceeds going to cover the taxes and expenses. Only 20 shares are reported.

 

The other 40 shares were distributed, sold, or vested? If the income for the other 40 shares is in your w2, that needs to be tracked/ kept safe until those shares are sold. If sold in 2020, then you can use the basis from whichever w2s included the basis plus sales of expense.

 

I want to urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your  carryover information, and proof of your basis in your various investments. You must keep tax records  from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses / carryforwards/basis.

 

@mkarthik01

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