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15 April 2003 @ 12:22 pm
I'm _almost_ all done with my taxes. The only bit i can't figure out is what to do about the non-qualified stock options i sold last year. Westwood sent my a W-2 with the net gain reported as "Stock Option Income." Does that mean that it's already reported? Or do i still need to fill out a schedule D? And if i have to fill out a schedule D, does that mean i'm getting taxed on it twice?

I'm really confused, and nowhere will just _say_ what i'm supposed to do =P
Current Mood: frustratedfrustrated
Patriciatrysha on April 15th, 2003 12:30 pm (UTC)
I had this happen in 2000.

If it's on your W2, you don't need to put it on schedule D as well.

I'm no tax expert, but the IRS hasn't come after me yet.
Patriciatrysha on April 15th, 2003 12:58 pm (UTC)
(also - i did this via recommendation of turbotax) come to find out later, i can refile and get about 50% of the money i paid in back.

my advice - if it's complex, pay someone to do it (file an extension) :)
DonAithnendonaithnen on April 15th, 2003 01:02 pm (UTC)
Cool! Thanks for the help :)

How did you manage to get 50% of the money back? Doesn't it normally get taxed at the regular rate?
Patriciatrysha on April 15th, 2003 01:04 pm (UTC)
I redid my deductions (itemized).

DonAithnendonaithnen on April 15th, 2003 01:30 pm (UTC)
What type of things do you stick in the itemized?

I can't really think of anything i spend money on that would count. If i went into consulting i could do my laptop and all the video games i've bought and stuff, but that's only supposed to be if you're self employed i believe.
Patriciatrysha on April 15th, 2003 01:37 pm (UTC)
I forget a lot of things.

But, things like property taxes on your car, the cost of tax software, state income taxes. TurboTax was my friend.
DonAithnendonaithnen on April 15th, 2003 02:40 pm (UTC)
Weird: http://www.quicken.com/cms/viewers/article/taxes/33890

Apparently what you said is _mostly_ right.

_Technically_ i'm supposed to fill out a Schedule D, but i get to add the income from the W-2 to the price, so with the commision price worked in i end up with a $5 capital loss *boggle*

I suppose i could try not sending in the Schedule D since it doesn't make any difference, but i _guess_ it would be safer to fill it out like they said and send it in.

It took me _way_ too long to find this information though =P