i'm at 2 as well. stupid employee stock purchase plan killed my refund because it's not taxed, it's filed through the broker firm.#richpeopleproblems
i'm at 2.
Tax Season 2017
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The new company I'm at has ESPP. I haven't been able to use one since I was at Symantec like 4 years ago. I'm maxing that fucker out. Love that ESPP lyfe.
Isn't yours post tax dollars? Unless your look back is a long period or your stock fluctuates like crazy, shouldn't be that much.
Correct, it's post-tax dollars. Our look back period is 6 months. We get 15% off the lower of the first or last day of the period. In October our purchase was at $136. May 1st our stock was at $103 so we bought stock at $88. I had an immediate 54% gain on 15% of my take home dollars. I sold half to keep some gains. So my taxes suck this year.
Just be sure they aren't running that gain through your payroll already.
I just had to file 2 amended returns for a guy that had the gain reported and taxed through his payroll/W2, and then he reported the capital gain as it appeared on the 1099 with no adjustment to basis.
I just had to file 2 amended returns for a guy that had the gain reported and taxed through his payroll/W2, and then he reported the capital gain as it appeared on the 1099 with no adjustment to basis.
yep, that's the confusion on box 14 i was referring to earlier. etrade has the gains as well, so i'll have to make sure uncle sam isn't going to double dip. lol
If the gain was already run through your payroll there would have been tax withholding including income tax, SS and Medicare withholding.
You should have received statements from your employer stating this.
If this is the case you use adjustment code O on form 8949 and adjust the basis (or reduce the gain) so you are not taxed twice on the same income.
You should have received statements from your employer stating this.
If this is the case you use adjustment code O on form 8949 and adjust the basis (or reduce the gain) so you are not taxed twice on the same income.
ugh, what a pain in the ass. i enjoy the money, but this february 16th for docs is annoying.
Why aren't you hiring an accountant with all these cheddar your making? Take a break and leave it to the pro.
Ha! I wish I made that much money. I'm still just a peasant. If it wasn't the stupid stock options, i'd be fine.
Like taking pictures of your baller cars? lol
With B on this one, you usually get a grace period to repay a loan. If you did not repay during the grace period then you might be up the creek without a paddle.
Depending on the size of the loan this might be a significant tax hit.
Depending on the size of the loan this might be a significant tax hit.
yup
had a $22.6K loan out on 401K, company got sold, had to pay more each month that I couldn't afford, so cleared the loan and rolled over the remaining balance which was after the loan getting paid off was $109K.
Made $123K this year, but had to have an operation so I collected comp for $4700 for 2 months. My income was nearly over $250Ks...which made me look cool, til taxes came.
had a $22.6K loan out on 401K, company got sold, had to pay more each month that I couldn't afford, so cleared the loan and rolled over the remaining balance which was after the loan getting paid off was $109K.
Made $123K this year, but had to have an operation so I collected comp for $4700 for 2 months. My income was nearly over $250Ks...which made me look cool, til taxes came.
That's definitely a big tax hit. Income tax rate + 10% penalty.
What I suspect may happen, if you are past the 60 day repayment window, you'll have to foot the bill for the income tax and the 10% penalty. You can set up a plan with the IRS. If you are still within the 60 day window, I'd do everything I can to scrounge up as close to that $22.6k as possible and deposit it into a retirement. Even if it's a signature loan at 5-10%. (assuming you can repay quickly)
IRS payment: https://www.irs.gov/individuals/payment-plans-installment-agreements
Turbotax answer: https://ttlc.intuit.com/questions/2...ance-distribution-took-place-at-591-2-yrs-old
U.S. news article: http://money.usnews.com/money/retirement/articles/2014/06/09/the-risks-of-taking-a-401-k-loan
What I suspect may happen, if you are past the 60 day repayment window, you'll have to foot the bill for the income tax and the 10% penalty. You can set up a plan with the IRS. If you are still within the 60 day window, I'd do everything I can to scrounge up as close to that $22.6k as possible and deposit it into a retirement. Even if it's a signature loan at 5-10%. (assuming you can repay quickly)
IRS payment: https://www.irs.gov/individuals/payment-plans-installment-agreements
Turbotax answer: https://ttlc.intuit.com/questions/2...ance-distribution-took-place-at-591-2-yrs-old
U.S. news article: http://money.usnews.com/money/retirement/articles/2014/06/09/the-risks-of-taking-a-401-k-loan
WTF, so the state of CA thinks for some reason I paid only $4,000 in state tax last year when my W-2's tell me I paid $14,800. They are saying I owe them $2,000 instead of them owing me $5,000. I need to call them next week to straighten this out. What a pain in the ass...
