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I am confused how I should file my 1099. I already filed my…

I am confused how...

I am confused how I should file my 1099 b

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I already filed my tax via turbotax but I forgot to file 1099b. I sold some ESPP and RSU last year and not sure how to amend my filed tax

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No. Only 1099b. I have a form 3922 from my employer as well

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Customer reply replied 1 month ago
This is my 1099B
Customer reply replied 1 month ago
3922_forms
Customer reply replied 1 month ago
my W2
Customer reply replied 1 month ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 1 month ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 20 hours by:
3/19/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. I will take a look at it. Thank you.

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Hi. The treatment of the ESPP - I assume the #'s on the 1099B relates to the ESPP (you sold - let me know if this is correct - that you sold them) - you would take what you already purchased these at, less the proceeds - that would be Schedule D income.

For RSU's, you are taxed when the shares are delivered - which you probably have already added to your current 1040 that you filed.

If you are using Turbotax, you can use the same information, add the 1099B information and save the file under a different name. When you do this, it will show the changes you need to make on your 1040 (Print Forms - the 1040 form (2 pages).

You will need to fill out a 1040x form - https://www.irs.gov/pub/irs-pdf/f1040x.pdf

Fill in the changes and mail it to:

Department of the Treasury Internal Revenue Service Austin, TX###-##-####

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Let me know if this helps and if you have any questions. Thank you.

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Customer reply replied 1 month ago
Thank you very much for your quick response.
What information I should add into turbortox from 1099b. Should I input all the box A and box B? I feel it is weird because it could count as my other income while the gain from 1099b has already reported in W2. Therefore, now after I importing my whole 1099b form, the income will be more than I have last year such that the result showed that I have to pay a lot more.
Besides, what do you mean by saving in a different name? (I had to manually input the 1099b in turbotax as it could not find my account info in etrade. )
I also attached the tax return I have filed from turbotax.Thanks,
Ti-Fen

Hi. Do you have both an RSU and an employee stock purchase plan or just one of them? Thank you.

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Customer reply replied 1 month ago
I have both RSU and ESPP. And also some of them last year.Thanks,
Ti-Fen
Customer reply replied 1 month ago
sorry *sold some of them in 2017.

On the 1099B - is this all from the ESPP? The RSU is the only item that is shown on the W2.

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Usually, employers do not add the ESPP to the W-2. If it is included, you are correct, no need to change the 1040, since the gain has already been included in your W-2 earnings.

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Customer reply replied 1 month ago
The box b doesn't look like ESPP which is in page 6. some of them are exactly the same at 3922 and reported in my W2. It'd be helpful if you could check 3922 and see what information I should further report in 1099b
Customer reply replied 1 month ago
I'm still confused what I should report from 1099b as their are duplicate in 3922 which is reported in W2. It'd be be great if you could help reconciling these forms so I won't be report less or more than I should.
Thank you very much for your support so far.
Ti-Fen

No worries - this will take a little more analysis - do you need this asap - I can get back to you on this tonight, if possible.

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Customer reply replied 1 month ago
It'd be really appreciated if you could help me resolving it soon. And thank you very much again for the help so far!

You are very welcome.

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I will add a little more to the service, since it will take me a little time. Thank you.

ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified
ABC Accounting Group and 87 other Tax Specialists are ready to help you
Ask your own question now

Hi. Quick Question - what is your annual salary and bonus? This will helps to see what was included on the W-2, as well. Thank you.

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Customer reply replied 1 month ago
it is around 121000

Hi. It appears that it is all on the W-2. However, it looks like an additional $6,361.01 had been withheld in taxes. You should add this to your taxes paid.

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Customer reply replied 1 month ago
Would you mind teaching me a bit how 6361.01 get calculated?
Thanks!
Customer reply replied 1 month ago
Besides, how box b and box a map to my 3922? Sorry for asking so many questions.
Will definitely look into it.
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Customer reply replied 1 month ago
Thank you very much!

Hi. I traced 3922_4 to page 6 of 8 on the 1099B.

3922_4 has a December transaction that is not on the 1099B.

3922_4, with the December transaction has an W2 income of 117,195. If you subtract the December amounts from the 117k, you get 88,530.

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On the 1099B, page 6 of 8, you have 79,092.49, with no basis. You have to add the income that was taxed on these transactions to the basis.

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That will come to 88,530.

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The 79092 less 88,530, is a 9,428 loss.

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3922_3, has w2 income of 6,816.64.

On 1099B, the transaction is on page 5 of 8.

Proceeds were 15,262.11

Basis is 6,953.36

Add the income of 6,816.64 to basis

Gain will be 1,492.11

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On Page 6 of 8 - you had a sale of 22,717.91 on 3/2 -taxes on Page 4 of 8 is from this transaction - which appears to be at a rate of 28%.

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Customer reply replied 1 month ago
Thank you so much for the details.
Does it mean that I have 9,428 loss in RSU which I reported too much
and a 1,492.11 gain in ESPP which I should report as well?
Therefore, should I report 9,428 loss + 1,492.11 gain and the $6,361.01 tax withheld?
Besides, what would be a proper way to report these in turbotax?
Thank you so much again! It helps a lot

You would go to Schedule D.

Also on a side note - definitely ask your employer if they have a reconciliation of the # of shares per 3922 with the 1099B - I do not know why they are different (excluding the December transaction).

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Customer reply replied 1 month ago
Got it! I will check it out for sure and might be asking some questions. Thank you so much for the help so far.

Sounds good. I am here to do any questions you have, and any additional services you need via JustAnswer.

Have a great day.

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