Reporting stock sales on your tax return has not gotten any easier (or more exciting) this year. However, if there's a way to make learning about tax reporting fun, we'll try it.
In the Tax Center at myStockOptions.com, two animated videos give practical guidance about the reporting of company stock sales on tax returns in an engaging style. The covered topics include IRS Form 1099-B and the cost basis of shares acquired from equity comp, along with the reporting on IRS Form 8949 and Schedule D. These videos offer a quick way to learn the basics of these important points and prevent expensive mistakes on tax returns.
The first of these two videos is Tax-Return Reporting Of Company Stock Sales: How To Avoid Overpaying Taxes (runtime 8:05). In this video, the tax experts at myStockOptions.com explain:
- the rules for reporting stock sales on your tax return
- major errors to avoid if the shares you sold came from stock options, restricted stock/RSUs, stock appreciation rights, or an employee stock purchase plan
- the "cost basis" of shares acquired from equity compensation
- why it is crucial to understand your cost basis to avoid overpaying your taxes
The video also covers recent modifications of IRS rules, how these changes restricted what brokers can report on Form 1099-B for stock sales, and the related adjustments you must make on your tax return. Included are examples and annotated versions of key IRS forms to show the correct way to report your taxes and prevent costly mistakes. The video ends with key takeaways to remember so that you do not overpay taxes and attract unwanted IRS attention.
In our other tax video, Tax-Return Forms And Reporting Rules For Stock Sales (runtime: 8:08) you will learn about:
- the reporting on Form 1099-B, and why the reported cost basis may be wrong or omitted
- how to figure out the right cost basis for your stock sales
- Form 8949 and how to report stock sales on it
- how to interpret Form 1099-B when completing Form 8949
- what to do when the cost basis in Box 3 of Form 1099-B is too low or not given
- totaling the reported stock sales on Schedule D
Please try our videos! They're informative, and each is just eight minutes long. After you've watched them, test your smarts with our interactive quiz on tax returns.
Like all the content at myStockOptions.com, these videos can be licensed and customized to fit company stock plans. We also have podcasts with audio presentations on tax-return topics. Our video and podcasts complement the helpfully annotated diagrams of Form 8949 and Schedule D that appear in special FAQs in our Tax Center.
Register For Our National Financial-Planning Conference
We are preparing for our annual national conference, Financial Planning For Public Company Executives & Directors.
Date: June 18, 2019
Place: Hilton San Francisco Airport Bayfront
Time: 8:00am–6:00pm
In one action-packed day, attendees will hear from leading experts on many topics:
- Equity compensation planning challenges relating to taxes, wealth preservation and transfer, and charitable giving
- Significant tax, legal, and SEC compliance pitfalls to avoid, and new developments
- Financial planning for equity comp in pre-IPO companies
- Strategies for concentrated stock positions and for nonqualified deferred compensation
- Rule 10b5-1 trading plans
- Grant, employment, and severance agreements
- Case studies and other examples of successful planning strategies
- Methods for attracting and effectively advising high-net-worth clients
- And much more!
CE credits for CFPs, CEPs, and other professionals will be available. Registration and hotel reservations are available now at the conference website, where you can also read praise from attendees for last year’s sold-out conference. Please feel free to contact us for more information (617-734-1979, conference@mystockoptions.com).
Comments