Re: OT: Any tax/finance people who can help with tax stock - Saab General Bulletin Board - Saabnet.com
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Re: OT: Any tax/finance people who can help with tax stock
Posted by RodM [Email] (more from RodM) on Wed, 8 Jun 2016 12:52:25
In Reply to: OT: Any tax/finance people who can help with tax stock, bender [Profile/Gallery]
, Wed, 8 Jun 2016 12:17:35
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Lucky you! Learning the US tax system the hard way.
You should only be taxed on the stock options once, in your W-2. You will need to report the sale of the stock on Schedule D of your 1040 but your proceeds and cost basis will be equal so there will be no gain or loss here (technically there may be a very small gain or loss on the sale of stock based on the difference in price between when the options were exercised and when the stocks were sold to cover the taxes but since that was presumably the same day, the difference is likely negligible).
You have cost basis in the shares equal to the amount you were taxed on in your W-2 (you should track this going forward for when you sell the remaining shares).
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