espp tax

[sosoo]

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hi, can someone explain how to file taxes? i sold my first batch of cvs shares last year, so im not sure if the company already took care of the taxing already? or do i need to report it? also im planning to use Turbotax, so which version should i use that have espp reporting?

 

[Old Timer]

hi, can someone explain how to file taxes? i sold my first batch of cvs shares last year, so im not sure if the company already took care of the taxing already? or do i need to report it? also im planning to use Turbotax, so which version should i use that have espp reporting?

You have to see how they report it. If it is included on your W-2, and you get a 1099 you will need to file some form or schedule that shows the 1099 income and backs it out as it will included on your W-2. I don't know what form that as I have an accountant do my taxes.....

 

[pezdispenser]

You have to see how they report it. If it is included on your W-2, and you get a 1099 you will need to file some form or schedule that shows the 1099 income and backs it out as it will included on your W-2. I don't know what form that as I have an accountant do my taxes.....

That is correct. TurboTax Premier should be able to handle it because you will need Schedule D which deals with investment capital gains.

If you do it manually, or just want to check that TurboTax did it correctly, you back out the amount included as income on Form 8949 column (g), and put code B in column (f).