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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I have a tax question relating to filing schedule K-1 information

Customer Question

I have a tax question relating to filing schedule K-1 information and 83b
Submitted: 7 months ago.
Category: Tax
Customer: replied 7 months ago.
I exercised options in a former company
5000 shares @ $0.11/share
I filed an 83b for this within 30 days and sent the IRS a check for the taxes
I later bought 13250 shares in that company for $12542.50the company was sold and I received a $34972.8 check for my sharesThe company sent me a K1 reporting my net longer term capital gain to be $29,297That can't be right! Right?How do I calculate my long term capital gains correctly, factoring in my cost to purchase the stock and previously filing and 83b which should exempt me from paying a portion of the capital gains
Expert:  ShawnA replied 7 months ago.
There are some questions I have from you. I'll offer you a call.
Customer: replied 7 months ago.
Shawn,A few times I've gotten general information that is of no value, so I'm reluctant for a phone conversation. I need specific guidance for entering 83b election info, k-1 info and 1099-C (which i think is in error) into TaxAct online. I can figure out where to energy things in TaxAct, but I'm being reported as having capital gains that do not seem to factor in my 83b and the cost for the stock that I purchased.
Expert:  ShawnA replied 7 months ago.
that's ok. I'll opt out.