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I’m an ex Microsoft employee and I sold my Microsoft stock last year. I’m using TurboTax and I have no idea how to fill all the questions that TurboTax asks. Do we have any quick guide for MSFT ESPP on TurboTax? I imported Fidelity 1099-B into TurboTax but it keeps asking each stock is long term or shot term, then if it was ESPP, how much I got discounted, start date, end date, guaranteed price and everything but it looks like it’s double taxed. I sold Microsoft stock about 7 yeas ago and it was not that hard to work on TurboTax but this time, TurboTax is keep yelling that there are missed information.
You have to enter purchase dates and prices by hand so that it gets it right between DQDS and QDS (disqualified and qualified dispositions). These are in the forms you get from Fidelity, scroll way down and look at dates and prices
I wonder why TurboTax cannot automatically handle this from 1099
Make sure you adjust the cost basis to avoid double tax
How do you do that? I keep hearing about it? I am very confused I sold espp last year and i got a w2 from my old employer which has espp gn mentioned on it. And when i link my etrade account on turbo tax do i need to make any updates?
This info is not always present in 1099. There should be some other supplemental doc for cost basis.
If you want to spare the headache, save, Double tax on ESpp and save probably a whole weekend - hire a prof tax prep .. dm if you want contact of my preparer
Fill in the numbers from the 1099B supplement from Fidelity. It has cost basis adjustments to avoid paying taxes twice on the discount.
Running into same issue. I have the 1099-B supplemental info. Do I just provide the adjusted cost basis, or is there something to do with the "ordinary income reported" column?
You can pay them like 100 bucks extra and they do it for you