Discussion:1099- MISC for stock options from deceased
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Discussion Forum Index --> Basic Tax Questions --> 1099- MISC for stock options from deceased
Discussion Forum Index --> Tax Questions --> 1099- MISC for stock options from deceased
| 9 March 2008 | |
| Client is qualifying widower and cashed in some of her husband's stock options. The old employer sent her a 1099-Misc with the full proceeds amount ($66k) in box 3 (other Income), Yet she has a statement from brokerage that they deposited $43K as a result of transactions. There is no record anywhere of the difference is (eventhough I suspect it is taxes withheld)
So; 1. what could be the problem here? 2. Would you complete 1099-MISC worksheet in Proseries and account for items there or complete a stock options worksheet? Thanks | |
| 9 March 2008 | |
| she should have received a form from the employer, tell her to ask | |
| 9 March 2008 | |
| she should also have a 1099-B from the brokerage house - I suspect that the difference is the cost of the options, and that you have it backwards - but I'm not looking over your shoulder. | |
| 9 March 2008 | |
| I appreciate the advice but the 1099-B shows the options cost $240K and were sold for $283K... therefore we would have expected the 1099-misc to say the diff..being $43k not $66k. I guess we will just talk with the employer.
Any ideas of the reporting aspect as to should we do misc income or do stick option worksheet? | |
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