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09 November 2011

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If the gain from the sale of stock is reported to IRS and included on my W2, and I fill out 8948 and schedule D then report it on 1040 line 13, It is counted as income again. Correct?

The sale of stock is reported on the 1099-B, not the W-2. The income on your W-2 becomes part of your cost basis on Form 8949. However, if the W-2 income is not included on the cost basis on the 1099-B, you make an adjustment on Form 8949 to the gain or loss. This avoids being taxed twice on the W-2 income. The net gain/loss for the sale does become part of your capital gains/loss that are reported in total on line 13 of the Form 1040.

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