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I'd like to know how to calculate the adjusted cost basis for vested stock option. The stock options were vested say Oct 1st, and were sold on the same day. The 1099B reported cost is say $2000, and the gross proceeds is $5000, so my gain is $3000. This $3000 was taxed withheld in my w2, I only get ~$2000 deposit to my…
Hello there! I have 2 questions that I need help with. I don't have the greatest understanding of the topic, so let me know if I'm not providing enough information. Thanks! 1. The private company that I currently work for is planning to hold a secondary sale to allow existing employees to sell some of their vested stock…
I have few questions regarding my tax situation before I start using FreeTaxUSA. Your software supports self employment sole proprietor correct? My tax accountant had declared Mark to Market accounting method back in 2004 filing for my stock trades as daytrader. I want to use Mark to Market accounting method for my tax…
I have a 9 digit input for proceeds and cost basis for my 1099-B, but the online site has an 8 digit limit. Any idea how to work around this?
What exactly is this? I have this required after clicking on the amount of tax withheld from sales of some RSUs. Is it: My SSN The Account Number from Etrade (Brokerage I sold my stock in) Another Option?
As I understand capital loss carryforwards for individuals, you can carry the loss forward indefinitely, but it offsets only net capital gains, not ordinary income. I entered my capital loss carryforward but sold/purchased -0- investments this year. So entering it should not have changed my refund amount, but it changed it…
Hi everyone, I'm currently a college student, and I only made $5000 in 2023 through a part-time job. However, I have contributed the full $6500 to my Roth IRA (because I have previous savings) for 2023. For that reason, I now have around $1500 of excess Roth IRA contributions that I need to take out before April 15 (I just…
Does anyone know how FreeTaxUSA takes into account the above. This is how the IRS website describes the issue: "The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than or equal to $41,675 for single and married…
Hello. I have an employee share purchase program through my employer. My employer sells me company stock at a 15% discount. That discount is taxed as income in my pay stubs. The brokerage firm shows the cost-basis for this stock at the discounted price, not the fair market value. I recently sold a batch of stocks. How do I…
I exercised stock options this year. They withheld some stock to cover taxes and they told me they were adding some income to my W-2 to tax me for the options. I also received a Form 1099-B that seems to be reporting the options as well and I am paying tax on the income in two places.
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