If you did NQ options, your W-2 does NOT have the gross proceeds but it does have the net gain (Difference between the sales price and option price). A 1099B was probably sent to the IRS. They are thinking you did not report a significant stock sale. The Box 12 code will not do […]
Written on Wednesday, July 16th, 2008 by jaysonbridges :: 0 comments to this post
If you did NQ options, your W-2 does NOT have the gross proceeds but it does have the net gain (Difference between the sales price and option price).
A 1099B was probably sent to the IRS. They are thinking you did not report a significant stock sale. The Box 12 code will not do anything. What you need to do is complete a Schedule D.
You need to do an amended return including a 2005 Sch D. Show the gross sales price LESS the trade fees as the net selling amount. Show the gross sales price as your cost. (The gain is in your W-2 so your cost for Sch D purposes is that gain plus the option cost; the gross sales figure). Show the purchase and sale dates as the date of exercises. Use “NQ stock option sale” as the description.
Because of the fees you actually should get a refund.
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