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Corporate stock options, cost basis, and Turbo Tax

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  • Corporate stock options, cost basis, and Turbo Tax

    This isn't specifically physician related, but I'm wondering if anyone else has experience with this.


    This year for my (non-medical) job, I cashed out some Non-Qual stock options and had RSUs that vested. Shares were held back and sold for taxes at the time of the sale, so I shouldn't owe any extra taxes on these now--the income from these transactions was reported on my W2. I know in 2014 the cost basis IRS rules changed and it is very easy to end up double taxed. (And this annoys me to no end because it is almost like they are TRYING to get you to screw up and pay twice).

    I know for RSUs I have to self-report the correct cost basis (none was given on my 1099-B) in order to correctly report that I paid taxes on the transactions. I think I figured this out correctly in Turbo Tax.

    The non-quals are the ones that had me staring at my computer screen late at night for hours on end. According to my tax guides, I'm supposed to adjust the cost basis and report the adjustment on a form 8949.  Turbo Tax isn't making this easy--I *think* I figured it out, but I'm unsure. Most of the time I love the software, but trying to translate their interview questions into actual tax form items is frustrating me for this situation. I really don't want to dish out a couple $$ (or more) for a CPA to do this because it's the only area I'm having issues.

    Anyone else have experience here?