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Totally shouldn’t have waited last minute but here we are 🥲 I’m having trouble reporting RSUs in my TurboTax. Let’s say 100 shares vested and workday sold 25% of my RSU at vest to cover for my taxes so I end up with 75 shares. Let’s say I kept the 75 shares and haven’t sold them. What am I supposed to report on my TurboTax? Do I need to report this forced sale as it’s already gone to my taxes? Thanks for any help!! #tax #rsu #turbotax #selltocover
You should be taxed as ordinary income for the shares that vested during tax year. If you sold 25% for tax purposes there should be no capital gains or losses since done immediately.
Thanks! So for 1099-B in turbo tax, can I keep it empty?
What I’m confused about is my E*Trade 1099-B shows non covered short-term gains or losses on gross proceeds and it lists the RSUs and PSUs that were sold for tax withholding. Do I need to report that?
The 25% withheld are reported in your W2 under federal/state withholding typically and since typically you never saw those shares hit your account (no sale to report) You wouldn’t report anything for the 75 sold. Basically W2 reports 100 shares income and 25 shares with held. You’d only get a separate form if you then sold those 75 shares for a loss/gain
Ahh got it thank you! What I’m confused about is my E*Trade 1099-B shows non covered short-term gains or losses on gross proceeds and it lists the RSUs and PSUs that were sold for tax withholding. Do I need to report that?
So you would report this short term gain (assuming E*trade is reporting $0 cost basis) and you would manually enter in the same value as cost basis so it would be a net $0 sale. This is so you don’t double count the tax (which is withheld on W2 income)
I have worked for a few tech companies with RSUs and they all had information on their internal websites that gave some good basic information about RSUs and their taxation. I have also seen some information with Morgan Stanley and Fidelity so it might be worth checking out just to give yourself some foundational information.
Apply for extension to file in fall so that you have time
What last minute you talking about? THERE ARE STILL FIVE MONTHS.
The total amount is already reported on your w2 as income. You need to upload the forms and adjust the cost basis on that form to whatever it was when it sells
https://workplaceservices.fidelity.com/bin-public/070_NB_SPS_Pages/documents/dcl/shared/StockPlanServices/SPS_TaxGuide_RS_PA.pdf
Thanks for this! But my E*Trade 1099-B shows non covered short-term gains or losses on gross proceeds and it lists the RSUs and PSUs that were sold to cover for tax withholding. Do I need to report those?