1099-B Withhold to Cover

Forum|Forum|4 years ago
April 9, 2022
1 reply
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I selected withhold to cover with my broker for RSUs awarded at the time they vested. I received a 1099-B that says no federal income tax withheld. When I enter the information into TurboTax, it makes it look like I need to pay taxes on this even though I withheld to cover. I don't know what question to even ask but I'm assuming I already paid taxes on this amount. Should I be entering this 1099-B differently? Thank you for any help.

TurboTax Self Employed Online

ThomasM125

The income associated with the stock award is reported on your W-2 form, as part of your wages in box 1. There should be a note in box 14 telling you what that income component is. The tax withheld is included with the federal tax withheld reported in box 2.

The form 1099-B that you received probably does not reflect the income reported on your W-2 form in the cost basis reported, so you may need to adjust the cost basis by adding the amount reported in box 14 on your W-2 form to it.

You will see an option to adjust the cost basis reported on your 1099-B form in TurboTax after you enter it.