So, I got a 1099-R in the mail after I filed. For $36.
So I plugged it into TurboTax, and it says I owe $0 federal and $1 state taxes.
Do I really need to amend this thing and mail $1? Or can I just ignore it?
A friend of mine was living with her roommate, whom purchased the house they lived in. At some point, the roommate refinanced and added my friend on as co-owner. The refinanced amount was $245k. Around October 2015, the roommate moved out, and they refinanced again to remove the roommate as co-owner, making my friend the sole owner of the home, at $215k. This is the first home she has owned.
Are there any deductions my friend is eligible for? I wasn't sure, since this is technically the second refinance of the home, and she didn't purchase it originally, plus the price it was refinanced for went down.
I quit a job last year and had to exercise my remaining ISO shares. The income was reported on my W2 from that company, but I also got a form 3921. I am doing my taxes on turbo tax and don't see an option to enter Form 3921. I did not receive a 1099-B for this sale.
I entered it on "Stocks, Mutual funds, Bonds" but now it is counting the income twice, since I already reported the income on my W2. How should I enter the information on turbo tax? I don't want it to count on my income twice since the income is already reported.
I also have a "statement of taxable income" from that company but no official form number, it just has information from the Form 3921
Also, ISO's really screw you don't they?
edit: I received this information from google "A form 3921 is an informational form only. It is not entered on your tax return.". Is this true?
I have a similar question regarding 1099-B. My wife sold some of her stock grants this year. At the time of sale they took just over $2100 for taxes. On her pay stubs it shows an income of the amount we received and also her taxes year to date went up by the amount that was held back for taxes.
Then we received a 1099-B showing that we received a $6200 gain and that NO taxes were held back. How is this not double dipping if it is claimed in her W2 as income and taxes withheld, but ALSO a 1099-B income on top of that?
I think, and someone feel free to correct me, that the tax was taken out because it's considered as compensation from your employer, and thus added to the W2 and tax withheld. But your brokerage also reports the sale to the IRS, hence the 1099-B. But the broker didn't tax you, your employer did.
Who handles the grants? You might be able to talk to them. Mine were through Fidelity and they were extremely helpful explaining the situation, you might want to check this page out to see if it helps: https://scs.fidelity.com/webxpress/help/topics/learn_exercising_stock_options.shtml
edit: Also you might want to talk to the employee stock plan coordinator at her company. Because different companies have different rules about the withholding and what not.
edit 2: Or talk to a CPA, I am seeing one this week because it keeps getting more confusing.
The problem is that you are using the WRONG BASIS to report the sale. That's why you are getting a "double income" effect.
When you sell stock acquired via an employer stock incentive program your basis for the sale is the sum of:
Any amount you paid to receive the stock, which might be $0, plus
Compensation income created either by the acquisition or sale of the stock
If the sale is "covered" - broker reports basis to IRS - then in 2014 brokers are only required to report the "purchase price" element of the sale. The basis reported omits the "compensation" element of the sale and therefore the "compensation" gets reported twice: once via the W-2 and then again on the sale of the stock.
Clearly the "fix" here is to add back the compensation element to the basis of the stock being sold. Of course if the sale is not for ALL of the stock received under an employer stock incentive plan award, you then you need to convert the compensation element to a "per-share" figure which you use in reporting the sale.
If the 1099-B is reporting the basis to the IRS and is not using the correct basis, (maybe only the amount you paid for the stock), then enter the 1099-B as it reads but then click on the "Add More Details" box (or maybe "Edit Details"), and the "Start" button, (or maybe "Edit.)
On the next page select the first option which is "I need to add or fix info about this sale that's on my Form 1099-B." Tell TurboTax that the 1099-B is reporting the wrong basis. That's the interview you want and that's where you can fix things. Tell TurboTax that the 1099-B is reporting the wrong basis and then enter the "missing" compensation to get to the correct basis.
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
Based on this you are a part-year resident who should use Form MO-NRI. This is easy.
I quit a job last year and had to exercise my remaining ISO shares. The income was reported on my W2 from that company, but I also got a form 3921. I am doing my taxes on turbo tax and don't see an option to enter Form 3921. I did not receive a 1099-B for this sale.
I entered it on "Stocks, Mutual funds, Bonds" but now it is counting the income twice, since I already reported the income on my W2. How should I enter the information on turbo tax? I don't want it to count on my income twice since the income is already reported.
I also have a "statement of taxable income" from that company but no official form number, it just has information from the Form 3921
Also, ISO's really screw you don't they?
edit: I received this information from google "A form 3921 is an informational form only. It is not entered on your tax return.". Is this true?
I have a similar question regarding 1099-B. My wife sold some of her stock grants this year. At the time of sale they took just over $2100 for taxes. On her pay stubs it shows an income of the amount we received and also her taxes year to date went up by the amount that was held back for taxes.
Then we received a 1099-B showing that we received a $6200 gain and that NO taxes were held back. How is this not double dipping if it is claimed in her W2 as income and taxes withheld, but ALSO a 1099-B income on top of that?
Here's an answer that I found from the Turbo Tax help forums. It sounds like I'm supposed to adjust my basis to include the income so that basically wipes out the 1099. I'm going to have a CPA run through it though and make sure everything is kosher.
How do I file federal and state taxes in the following situation (we have been married for several years to each other):
(me) full year resident in SC, worked in SC, own home in SC; paid all mortgage interest and house taxes
(spouse) first 1/2 year resident in TN, worked in TN, rented home in TN, moved to SC (had moving expenses), worked in SC, lived with me
Do we have to file as Married filing separately, or can we file Married filing jointly and split our incomes (file separate?) on the state forms? Other options?
Does total income play a role? I earn almost half again what she does.
I'm having difficulty answering my question via searching and perusing documentation. Turbotax doesn't appear to be any help.
Thanks!
(edit: No children are involved)