Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

This is a 2015 tax question. I use Turbotax. I separated…

This is a 2015...

This is a 2015 tax question. I use Turbotax. I separated from my job in Jan of 2015. There were several buckets of money paid to me. I didn't pay attention to the W-2 form distributions of funds when I loaded the W-2 from the company, even though I loaded it correctly into Turbotax. oops. not finished.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I think I over reported the stock options. The 12c box was " V" - and the amount was $77,000., which led to being taxed for that total amount. I cashed out $40,000. of that 77k later in 2015. And I claimed that through Etrade which is where the 77k was located after I left job. Is this an double reporting?

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 4 months ago
Hi. I'm here. Should I wait here for the answer?
Answered in 12 minutes by:
3/28/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified

Yes.

Ask Your Own Tax Question

Great Question.

Ask Your Own Tax Question

Hi. If I have the interpretation right - you already were taxed on the stock options through your prior W-2. If you were and you sold the stock, you would take the amount you received and subtract the income from your W-2.

ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
Experience: Business Consultant/Accounting Manager
Verified
ABC Accounting Group and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
Thank you. Your response makes sense to me.
Ok.. Now let's do the math. How would I enter this on my 1040X correction form? The company transferred over to me just over $77,550. when I left in Jan. I sold $41.080. worth of the stocks between Jun-Sept. So it is in how I completed the Schedule D that should have determined the calculations? Oh dear, Schedule D is a foreign language to me. What I did was load what the Etrade 1099 indicated. That's where I should have questioned, right? oh... wait...
This is where it got confused..... When the transfer from company to Etrade happened in Jan on 2015, it was stated that "this has not been taxed". But... when the W-2 form came out in Jan 2016, that's when the tax happened. So do I start with Etrade with the change in " tax status" on the stocks? So I can load a Schd D amended form?
Phone call session started

Great to be of help. Have a great day.

Ask Your Own Tax Question

Best Regards.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 889
889 Satisfied Customers
Experience: Business Consultant/Accounting Manager

ABC Accounting Group is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Have a question - I received stock shares from my employer 4
Have a question - I received stock shares from my employer 4 years ago and they vested this year. I sold the stock, a portion of which was withheld to cover taxes. It appears the income I received is … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax Question: Does box 12 V on the W-2 always need to equal
Tax Question: Does box 12 V on the W-2 always need to equal the gain on schedule D? There are incentive stock options and the detail looks like all gain was report on the W-2 ($300+ K), but when I loo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I had stock that was sold during the year by my company and
I had stock that was sold during the year by my company and they put it in my salary....grossed it up and put the taxes in my total taxes paid for the year … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
QQ - I exercised options earlier this year. At that time, my
QQ - I exercised options earlier this year. At that time, my employer withheld taxes and included this in my W2 as ordinary income. My pay statement also shows this. Now I have a 1099B and when I incl… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I retired from my company in Jan 2014. In Oct 2014, I became
I retired from my company in Jan 2014. In Oct 2014, I became vested in restricted shares that were granted to me in 2010.Some of the shares were sold to cover taxes due and the remaining shares were p… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I live in DE and worked in PA - I lost my job in Jan 2014 and
I live in DE and worked in PA - I lost my job in Jan 2014 and a few weeks later took out a disbursement from my 401k qualified retirement plan. state tax for DE was retained as that is my state of res… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Lev, I have a W2 showing a code V in box 12c,which is
Hello Lev, I have a W2 showing a code V in box 12c,which is for the purchase and sale the same day of nonstatutory stock options by my wife from her employer. The amount is therefore included in block… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a retired client with a $84,875 box 1 entry on his
I have a retired client with a $84,875 box 1 entry on his w-2 from the exercise of stock options. His w-2 also has $82,908 in box 12 marked as a V. He has also received a 1099-B reporting $211,205 pro… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
how do I know what adjustment to make on a 1099b * to prevent
how do I know what adjustment to make on a 1099b * to prevent paying taxes twice on a short term employer stock option… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,641 satisfied customers
On my W2, box 12 (v) includes $60241 exercise of NSO
On my W2, box 12 (v) includes $60241 for the exercise of NSO from my company. As I understand, this amount is also included in Box 1 on my W2 and Box 2 (I paid $19487 in tax at the time of option exer… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
there, I have a question regarding w2 and 1099- NQSO, can you help? FYI I'm us
Hi there, I have a question regarding w2 and 1099-B NQSO, can you help? FYI I'm using turbo tax to do my taxes. I have a w2 reporting "V- Nonstatutory Stock Options" of 6,180.93 I also received a 1099… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
we exercised some stock options in 2012. We sold 700 shares
we exercised some stock options in 2012. We sold 700 shares at $6.07 per share. The total of the sale was $4249 however the company took back $3542 of that amount and we realized $707 which we paid ou… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I HAVE W-2 FOR 2010 TOTAL WAGES $151,539 , SOCIAL SECURITY
I HAVE W-2 FOR 2010 TOTAL WAGES $151,539 , SOCIAL SECURITY WAGES 106,800, MEDICARE WAGES 157,108, ON LINE 12 A CODE C THE AMT IS $752,12B CODE D IS 6892.00 AND 12C CODE V 40319. AND ON 14 OTHER 1323.0… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I HAVE INCOME FROM EXERCISE OF NONSTATURORY STOCK OPTION, WHICH
I HAVE INCOME FROM EXERCISE OF NONSTATURORY STOCK OPTION, WHICH SHOW UP ON MY W-2 IN BOX 12C /CODE V $83,586.79 HAVE NOT CASH THEM IN, BUT IT REFELX ON MY W-2 IN BOX 1 WHICH IS $509,600.23 AND UP TO B… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
On 1/2/2008, I was awarded 700 RSUs, which vest over 3 years
On 1/2/2008, I was awarded 700 RSUs, which vest over 3 years: 234 shares on 1/2/2009, 233 shares on 1/2/2010, and 233 shares on 1/2/2011. On 1/2/2009, when the first 234 shares vested, I wrote a check… read more
Bill
Bill
Master\u0027s Degree
3,132 satisfied customers
I sold non statutory stocks options last year. My company
I sold non statutory stocks options last year. My company reported the sale in Box 12c code V on my W-2. The amount shown is not my net proceeds but gross before the broker commisions and fees. Do I h… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I filed my tax return electroniciall on March 29th, 2007.
I filed my tax return electroniciall on March 29th, 2007. I originally was expecting my return on April 10th, 2007 according to the irs web-site. Then about two weeks ago I received a notice c12 askin… read more
WebTaxMan
WebTaxMan
Tax Accountant
Bachelor's Degree
576 satisfied customers
How do I prevent the sale of an ISO from being counted
How do I prevent the sale of an ISO from being counted twice on my reported income? I received a W2 from my employer, which represented the gain on the ISO sale (reported as Other) as well as a 1099 f… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x