Brig, did you read the article I quoted? Basically you're paying tax on the cash earned from exercising the option. The 1099-B should just contain a small short-term gain or loss involved in selling the stock. So when the 1099-B information is entered into TurboTax, there should be a minimal change to your refund or balance owed.
One oddity, since you're not employed by Verizon anymore, you should've been given a 1099. Not a W-2.
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