*UPDATE* Am I waiting for a tax form or not?

[LoveBWVVBR]

*UPDATE* I got one of those 1099-B forms, but it was for the first check amount. I'm 100% sure that we got the second, smaller check also in 2013 so I guess I'm waiting on another form??

That isn't even my biggest worry about this right now. I called my CPA to see if he wanted me to wait on the other form, and he told me that I also needed to send him the tax basis for the shares. We found him as a CPA the year before we had to file taxes with the very first stock grant. We did that because there were a LOT of shares (dotcom boom, didn't end up being worth much), and we knew that the basis would be complicated. He needs ME to do it? I am stressed! I have all of the paperwork and documents, but this goes back to the year 2000 and there were a bunch of different grants, at least one split...UGH. This is not my forte! It is why I have a CPA in the first place for taxes that I could otherwise file with the free Turbotax (seriously. We take the standard deduction). I will probably be crying when I try to do this.*

DH worked for a company years ago that gave him stock options. Fast forward about a decade and they got bought out for a fire-sale price. We received 2 checks for those stock options in 2013. No withholding was done, so obviously we will owe taxes on those. Am I waiting on a tax form for this or do I just report the amounts to my CPA and have him file the taxes? Neither DH nor I know the answer to this.

Also, over the years we had ISOs and non-quals. We paid different amounts at different times. Our CPA was involved from the beginning. He should therefore know our basis right? Please tell me that we don't have to figure this out on our own.

 

[mom2alix]

You should receive a 1099-B for the stock sale. Brokers have to send those out by 2/15. They also send a copy to the IRS and it is important that what you report matches. I would wait for the form.

 

[supersnoop]

Was your husband employed by the company when the options were paid out? This isn't a stock sale; it's considered wages because they're paying you the value of the options, not actually cashing them in.

This sounds like a strange case, because usually you lose any stock options within 3-6 months after you leave a company. Are you sure these were options, or was it actual stock?

If he was employed at the time, the income will be reflected on his W2.

 

[LoveBWVVBR]

Was your husband employed by the company when the options were paid out? This isn't a stock sale; it's considered wages because they're paying you the value of the options, not actually cashing them in.

This sounds like a strange case, because usually you lose any stock options within 3-6 months after you leave a company. Are you sure these were options, or was it actual stock?

If he was employed at the time, the income will be reflected on his W2.

They were actual stock. We bought the ISOs before he left and the rest were a non-qual stock grant. He hasn't worked there in nearly 10 years. Sorry, I think I confused things when saying that they were options.

 

[LoveBWVVBR]

You should receive a 1099-B for the stock sale. Brokers have to send those out by 2/15. They also send a copy to the IRS and it is important that what you report matches. I would wait for the form.

Oh OK, then I should wait on this form. I really wasn't sure. I know exactly how much money we got from the broker, but of course I want to make sure that the form they send the IRS matches what they actually gave us. I will wait for the form. Thanks!

 

[supersnoop]

It's probably safest to wait until the end of February, but I don't think you'll get a form. I've never received any sort of form detailing stock sales.

You will need to gather up your old statements to calculate the cost basis (price you paid for the stock). The stock grant was probably taxed as income when he earned it. You'll need to figure out what is short-term and what is long term, and if there's a gain or a loss. If it was a fire-sale price, and you lost money, you might get a little bit back.

 

[LoveBWVVBR]

It's probably safest to wait until the end of February, but I don't think you'll get a form. I've never received any sort of form detailing stock sales.

You will need to gather up your old statements to calculate the cost basis (price you paid for the stock). The stock grant was probably taxed as income when he earned it. You'll need to figure out what is short-term and what is long term, and if there's a gain or a loss. If it was a fire-sale price, and you lost money, you might get a little bit back.

It was a fire sale price but we did not lose money. We didn't make a ton either though.

Our CPA has been doing our taxes since DH got the original stock grant. Will he be able to calculate the basis and whatever else is important (the income tax on the stock grant??) or do I have to do that? I really hope he can do it as he has done our taxes every year since right before DH got the stock grants. I do not want to have to calculate that...the little bit we made isn't worth that kid of effort