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Looking for a tax attorney. I receive RSU's from the company…

Looking for a tax...

Looking for a tax attorney. I receive RSU's from the company I work for (3M in Minnesota). The RSU's vest after three years. Recently I exercised a grant and taxes were taken out. When filing our taxes it seems like the taxes are being double counted. What am I missing?

Accountant's Assistant: Have you talked to a MN lawyer about this?

No, but I can. We were trying to use Turbo Tax

Accountant's Assistant: What steps have you taken so far?

Taxes are filed so we will need to do an amendment

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

We have a 1099-B form, there was a schedule D and form 8949 that we also filed. The RSU income and taxes are included in my W2's - these are cliff shares

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Answered in 7 minutes by:
3/18/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,311
Experience: Adjunct Professor
Verified
Hey! I'm Carter, I'm a CPA and tax attorney.
You need to increase your basis in the stock on Schedule D and Form 8949 to include the amount that's taxable in your W-2. This will eliminate the double taxed gain.
Let me know if you need anything else. If not, please leave a rating. Thanks!
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Customer reply replied 5 months ago
How do you increase your basis in the stock on Schedule D and Form 8949? The 1099-B indicates we should report on Form 8949 with Box B checked and / or Schedule D, Part I report as gross proceeds. It does not show any federal or state taxes with held (shares were sold to cover this). I'm afraid if we increase the basis we will owe more taxes
Customer reply replied 5 months ago
zero is in the cost basis right now on the 1099-B
The 1099-B does not account that you paid tax on it through the W-2.
So, if your W-2 included $20,000 from the stock, that increases your stock basis to $20,000 and would be the basis you put on the 8949.
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Customer reply replied 5 months ago
Okay, thank you.
No problem. If you need anything else just let me know. If not, please leave a rating so I get credit for helping you out.
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,311
Experience: Adjunct Professor
Verified
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Carter McBride, Certified Public Accountant (CPA)
Category: Tax
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