Just sold a bunch of ESPP for the first time and it seems that E-Trade withheld federal & state taxes on the capital gains due to missing W-9 form. What's more surprising is that they seem to have withheld the entirety of the regular income from this transaction, not just tax. Has anyone experienced this?
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Yes, you can check your tax status under Account Settings. Call them and verify and they'll resolve this issue. As for what was withheld, you can get it back on your next tax return.
Thanks! So it's normal in this situation to withold the entire ordinary income, not just income tax?
No that's not normal but it depends on your tax status on E-Trade. So call them up and verify, they're pretty helpful