Using too low a cost basis for the capital gains calculation. Using a tax basis of $0, the IRS computers will then automatically send you a notice (CP-2000) for the taxes due on the full amount of your sale proceeds.Ĥ. IRS computers are efficient at matching information on related tax forms.
#Add cost basis in quicken for mac when stock acquired how to
For an annotated example of how to report the restricted stock sale on these tax forms, see the related FAQ at, an online resource devoted to all types of equity compensation.Īlert: If the IRS receives a report of your gross sale proceeds from your broker (on Form 1099-B) but without a corresponding report of the sale on your Form 8949, the IRS will conclude that you failed to report the gain on the sale.
However, you still need to report this security sale on Form 8949 and Schedule D even though you are also including the income as part of your compensation income. After selling the shares at vesting, since you have no additional proceeds from the grant beyond the income that’s reported on your W-2, you may erroneously believe you do not also need to report the stock sale. You use Line 21 only when your company mistakenly omits the income received at vesting from your W-2.ģ. Wrongly thinking that it was left off the W-2, or that the income your company voluntarily listed in Box 14 is separately reported on your tax return, may prompt you to erroneously report the income in the line for "Other income" (Line 21 on Schedule 1 of the revised Form 1040).Īlert: Doing this will cause the income to be taxed twice as ordinary income. You will mistakenly double-report income if you do not realize that your income in Box 1 of Form W-2 already includes stock compensation income (reported on Line 1 of Form 1040).
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