Code "V" on W-2

[Unregistered]

Client had CODE "V" in Box 14.

Should I ignore it?

[Brian EA]

Client had CODE "V" in Box 14.

Should I ignore it?

Box 14 is an info box. He might have received vehicle reimbursement. Ask him. Unless he has any other explanation, just ignore it

[Gene V]

Code V

Code V in box 14 should be money that was added to his wages in
Box 1 because he exercise stock options.

[Brian EA]

Code V in box 14 should be money that was added to his wages in
Box 1 because he exercise stock options.

The income from the stock options is included in box 1. He will have to report the stock option on Sch D. Most times it is a loss which is usually the commission he paid.. He should have a 1099B from his broker

[Gene V]

Code V

Box 14 is an info box. He might have received vehicle reimbursement. Ask him. Unless he has any other explanation, just ignore it

]

Brian I'm glad you saw the light.
__________________

The income from the stock options is included in box 1. He will have to report the stock option on Sch D. Most times it is a loss which is usually the commission he paid.. He should have a 1099B from his broker

[Dennis V]

Code V and 1099-B

I have heard that some companies are not issuing 1099-Bs when employees exercise stock options. In this case would you just ignore the stock sale and not report it on Sch D or would you just try to come up with some numbers? If they aren't issuing 1099-Bs, I guess this means they aren't reporting the stock sale to the IRS, and putting it on Sch. D might cause more confusion than it's worth.

[Brian EA]

I have heard that some companies are not issuing 1099-Bs when employees exercise stock options. In this case would you just ignore the stock sale and not report it on Sch D or would you just try to come up with some numbers? If they aren't issuing 1099-Bs, I guess this means they aren't reporting the stock sale to the IRS, and putting it on Sch. D might cause more confusion than it's worth.

I am sure they have some paper work on the option exercised. As I mentioned earlier most of the times it is a loss so it would be beneficial to report on Sch D.

[jainen]

it would be a loss

>>most of the times it is a loss <<

Only reason it would be a loss is if they used a broker that assessed a fee. Brokers have to issue a 1099-B. If the company just bought back the stock there is nothing to report except the ordinary income already included in Box 1.