A lot of you are much smarter than I am when it comes to this stuff, so maybe this is news only to me.
But I was shocked to find that my 1099-B no longer captures the correct cost basis for sales of non-qualified stock options. The IRS changed the rules about what brokers can report, so if you just import your 1099 online and don't go back and make manual adjustments, you're going to get taxed far too much.
The change is that the IRS specifically disallows brokers from reporting in the cost basis that portion that was already taxed as ordinary income. So you have to go back in your tax software and override the cost basis.
If you enter this stuff manually, and use more forms than just the 1099 to do so, you'll probably be just fine.
Thought I'd put a warning out there in case it affected somebody else.
But I was shocked to find that my 1099-B no longer captures the correct cost basis for sales of non-qualified stock options. The IRS changed the rules about what brokers can report, so if you just import your 1099 online and don't go back and make manual adjustments, you're going to get taxed far too much.
The change is that the IRS specifically disallows brokers from reporting in the cost basis that portion that was already taxed as ordinary income. So you have to go back in your tax software and override the cost basis.
If you enter this stuff manually, and use more forms than just the 1099 to do so, you'll probably be just fine.
Thought I'd put a warning out there in case it affected somebody else.
Careful when tax filing stock option sales!
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