My W-2 shows an amount as DQDDIS for ESPP. I also got a 1099-B that shows this income. I just imported both to Turbotax and hoped that Turbotax will handle that but I guess it doesnt. Can you please advise what you do for this situation? Are you manually editing the cost basis in 1099-B?
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- I got screwed by this. I'm the same guy who posted questions on TurboTax imports and errors few months ago! It seems I have been doing this wrong and payjng more to IRS.
Needlee to say I went with a VPN this year and for last years correction.
While I'm not blaming TurboxTax ( I used for last 19 years, wondering how much I over paid), it's no longer for me - one has to know what you are doing.
- This is very common. I usually try to save my file and write down the exact amount I owe/receive before doing espp. Then the amount after espp should be similar because I sell my espp right away. If the amount is a big difference, then you did it wrong. Also espp requires the highest paid turbo tax version. Not the cheap deluxe version.
- Yeah, I use premier version. However, it seems so unfair that TurboTax cant handle this simple thing after feeding it $100. I mean it has all the info to do that correctly but why not do it? Another option is that company doesnt put anything for espp disposition into W2. That would make life easier.
- It is not a simple thing. Importing does not contain all the espp information. 1099B does not contain all the espp info. 3922 has the info. If you don’t have 3922, then you have to manually find all the info yourself which can take 2+ hours finding when you buy, discounts price, cost basis, and many other complicated terms used in ESPP.
- Go to the 1099-b stock section and click "need additional review " for those stocks/lot. Select "guide me step by step" options and thats where these will get marked for espp.
You will also need your employer provided 3922 during that.