I have a client that excercised and sold stock and received a 1099 for approx. $138,000. I need help with this and wondered if anyone would be willing to contact me through private messages where we could exchange phone numbers. There is way too much for me to spell out and I want to understand this so I will be better equipped next time. Thank you.
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I have a spreadsheet that was included with the 1099 showing vested/non vested, ownership percentages, common proceeds, net option proceeds, escrow and holdback reserves??? I'm in over my head on this one and need a person to literally walk me through this. I have someone local but was hoping to not have to bother them. Because you all aren't busy too...
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Pass it Off
I would pass it off to someone with experience. Not worth the trauma.....I have a spreadsheet that was included with the 1099 showing vested/non vested, ownership percentages, common proceeds, net option proceeds, escrow and holdback reserves??? I'm in over my head on this one and need a person to literally walk me through this. I have someone local but was hoping to not have to bother them. Because you all aren't busy too...Comment
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This client has a rental, bought a new rental in 2014 and a business, so I have already put in a fair amount of time into this. I would like to learn, and at least be more familiar with these types of situations. I'm not giving up just yet...Comment
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Extension. Then you can take courses or hire a mentor or just have a less stressed time to think it through, map it out.Comment
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A few questions so we can help you:
1) Can you be more specific about what's on the 1099? Was the $138,000 on a 1099-B, Gross Proceeds? Does it provide any basis information?
2) Was the stock exercised and sold the same day?
3) Were the stock options nonqualified stock options or ISOs?Comment
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I second that extension
Agree wholeheartedly with Lion.
It is commendable you wish to tackle this return, but during late season rush our "thinking" sometimes can suffer.
In addition to that, it is unwise to essentially shut down your practice at this time of year to attack a single monster return. . .
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The 1099 is a miscellaneous 1099 with the income in box other. There were approximately 10,000 vested shares exercised and sold the same day, from what I can tell. There were 6000+ shares that were non-vested that he paid one dollar each for. My hope was to be able to send a copy of the spreadsheet to my experienced helper so we could look at it together. I realize that this is a busy time and don't want to be focusing too much on this but feel it can't be that difficult. They are iso's
I appreciate any input that I get. I understand if my mentors out there are too busy right nowComment
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