I was doing my 2017 taxes in TurboTax and noted that my RSU were double taxed when using 1099B forms from Fidelity. Like I got some RSU distributed to me in 2016 and part of it was sold automatically by broker to pay taxes. So the remaining part of stocks supposed to be “clear” as I already paid taxes on it in 2016. And in 2017 I sold those stocks. However, the 1099B form that I got from Fidelity in 2017 is showing 0 basis costs for that transaction which means that I need to pay taxes for entire amount again while it should really be paying taxes on gains only. So I ended up with overwriting basis costs with real value and it looks correct now. However, the question that I have is why broker is not reporting correct value on 1099B form? Such form is going to IRS so me overwriting it will increase a chance of getting red flag from IRS and being inspected. Is it just Fidelity or every broker is not reporting correct basis costs?
Want to see the real deal?
More inside scoop? View in App
More inside scoop? View in App
blind
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
FOLLOWING
Industries
Job Groups
- Software Engineering
- Product Management
- Information Technology
- Data Science & Analytics
- Management Consulting
- Hardware Engineering
- Design
- Sales
- Security
- Investment Banking & Sell Side
- Marketing
- Private Equity & Buy Side
- Corporate Finance
- Supply Chain
- Business Development
- Human Resources
- Operations
- Legal
- Admin
- Customer Service
- Communications
Return to Office
Work From Home
COVID-19
Layoffs
Investments & Money
Work Visa
Housing
Referrals
Job Openings
Startups
Office Life
Mental Health
HR Issues
Blockchain & Crypto
Fitness & Nutrition
Travel
Health Care & Insurance
Tax
Hobbies & Entertainment
Working Parents
Food & Dining
IPO
Side Jobs
Show more
SUPPORT
FOLLOW US
DOWNLOAD THE APP:
comments
You will then see you tax bill magically vanish as it recalculated.
My favorite moment each tax year