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question?
I'm a Canadian and worked briefly in California. I filed my taxes on April 18 knowing I'd have to amend it. I actually ended up OWING money which I think is wrong.
I'm having a hard time wrapping my head around this, so any help appreciated. I'd rather not have to pay someone to do this as I just have to fix this part of the return.
Basically I worked for a software company that gave me some RSUs. They vested twice and gave had this automatic "sell-to-cover" option. The whole amount of my RSUs was listed as income on my W-2. They then sold a bunch of shares automatically to cover taxes. I got a 1099-B from e-trade and apparently it double counts something and does it incorrectly. I never sold the remaining shares (though I should've!) and so the only transaction is this automatic one for taxes. I should add that the form 1099-B that was generated has "$0.00" for the cost basis. I'm confused.
The shares that are sold are seen as income (which, they are, I guess?) and I get *taxed* on those. But wasn't the total number of RSUs (including the ones sold for taxes) *already* counted as income on my W-2 for which I already pay taxes? Isn't the point of selling them to cover taxes for all of my RSUs so that...I don't have to pay anymore taxes? It sounds like I'm getting hit twice.
To add to all of this, there's a cost basis to factor in, which I understand to be the price of the shares on the day they vested. This is listed on e-trade.
In summary:
- I think I'm getting taxed more than I should be
- The full amount considered income on my W-2 includes *all* shares, including those sold for taxes, so I'm paying taxes on everything already
- Why should I pay even more taxes on the shares sold in order *to* sell taxes
Thanks for any help on this.
Bender.
->Posting last edited on Wed, 8 Jun 2016 12:23:36.
_______________________________________
bender
2001 9-3 Viggen Laser Red 5 door 48k miles
2000 9-3 SE Midnight Blue 5 door (Sold)
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(more from bender) on Wed, 8 Jun 2016 12:17:35
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