Bees, help please

[fliszt]

Bees, you are the only one I know of in the Twin Cities who uses Intuit. I have a return that has a 1099B with 7 entries for client’s ESOP. There are about a dozen sheets which show either qualified disposition or non-qualified disposition. Some have all taxes taken out and some don’t.
I was just getting the hang of using the stock option worksheets last year on Proseries and now this year everything is changed. Plus there are some of the options I don’t know how to put together. I would like to purchase an hour (at the most) of time with someone in your office to help me through this situation. The client is one of my best and I don’t want to tell him I can’t figure out the return.
I know this is last minute stuff but I would be so grateful if you could help me out of this jam. Please email me at LamDrDD@Charter.net or call me at 952/431-6677.
Thank you very much!!
Larry

[DTS]

Larry

Is it the dispositions getting into Proseries you need a hand with or your the dispositions?

I can call you and help you with the dispostions, not Proseries. Let me know.

Dennis

[fliszt]

Dennis

you have no idea how much I hated putting this on TTB for everyone in the country to read!!
I hope Bees will take it off once he's answered me.

I'm so very frustrated right now I can't even think straight. Geez, I wish I had my wife's IQ!!

I have about a dozen sheets or Qual and NQ dispositions. They all have different amounts from the 1099B. Some have W-2 w/h and State w/h and S/S and Medicare. His W-2 box 12a has code V $25365.04 and I can't find a combination of NQ's to match that. Would it be ok if I call you and explain? I think if I can come up with the sched D amounts I could just skip the Proseries work sheets. (not sure about that due to the part that needs adding to his W-2 income.

[DTS]

Larry

Yes, I can spare a little time, so call me. I can lend you a hand.

Dennis

[Nashville]

you have no idea how much I hated putting this on TTB for everyone in the country to read!!

Larry, at least you're up front about it. I'll admit to laboriously crafting topics and presenting posts in various different ways to hide my ignorance.

And the topic giving you fits right now is one that causes problems for the majority of tax preparers, I would be willing to bet.

I had one earlier this year. The only gain/loss on the 1099-B was the change in stock value from the time it came out of the ESOP until the time the stock was actually converted to cash, usually only 24-48 hours. There may have been gains during the holding period when the stock was still in the ESOP, but the employer is required to include those in the W-2 as Wages and Compensation.

I hope the venerable Bees Knees calls you. I remember your involvement during the dark days when we lost Bird Legs, and I have a tremendous amount of respect for you.

Good luck on your ESOP - Ron Jordan

[fliszt]

Ron,

you just made my day!!!!!! Thank you very much for your kind words. And you know what? I miss Birdlegs every day. I am passing out to all my clients the last thing he emailed to me, the day he left for the hospital never to return. If you would like a copy, just give me your email address and I'll send it to you. (or email it to me at the address on my post to Bees)
Larry

[Bees Knees]

Larry, let me know if you and Dennis can’t figure this out. I’ve never used the ProSeries stock option worksheets before. I’ve always done stock options directly on the Schedule D, whenever something needed to go on a Schedule D, so I’m not sure I will be of any help.

[fliszt]

Bees, ok

Dennis and I spent time on the phone plus he put me in touch w/a couple web sites. And I'm working on the process right now, setting up an Excel spread sheet to enter all the data on. I'm going to end up doing the same as you (enter directly on sch D) if I can get to that stage. And the client JUST called as I was writing this. "Hi Lar, how ya doin? Making any headway on our return? Any estimates on how it's coming out?"
I've put his return off to almost the very end. I've had it for weeks. No wonder the guy is getting antsy.
Thanks again Bees. I'll be in touch if need be.
Larry

[DTS]

Bees...

what I helped Larry with was how to figure the basis for the qualified and non-qual options. I think he has it fine, just so many that were finally sold and he needs to locate each quantity of options to match each quantity that were sold and add the basis of each grouping.

He just needs more time!

Dennis

[fliszt]

Bees,

Dennis does have me on the right track. At least thus far. My numbers don't match the 1099B exactly, but they are close enough for me to use. Thank you for your offered assistance. You don't know how much I appreciate it and all the help from Dennis.
Larry

[Bees Knees]

Glad you guys figured this thing out.

As a learning aid for the rest of us, change the numbers and post the problem on the message board after tax season so the rest of us can learn from the problem. If you have a good Excel spreadsheet that does these things, I would like to see it. I think we all get hives when a client says they had stock options last year. Its not an easy thing to figure out.

[fliszt]

ok, will do

I sent DTS the spread sheet and we're going to discuss it after tax season. The spread sheet as written is for "same day sale". But can easily be changed to accomodate the less than 1 year, and more than 2 years.
Thanks again
Larry