Quote:
Originally Posted by sweeps
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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I was given both. Verizon sent me out a W2 for the sale of the options, and I also received a 1099-B from Fidelity for the sale of the option.
I would tend to agree with you that it should have a minimal or no effect, which is why I think I have it in Turbotax right now. That said, I don't want to assume that when we are talking about the IRS.