Smart Check fails for 1099-B entries for RSU 1sh sales on Employer Stock Worksheet when number of shares release also equals 1sh

Forum|Forum|3 years ago
February 25, 2023
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TurboTax Premier 2022: after importing successfully a 1099-B and filling in the details for RSU sales, all looks good until Smart Check.

Smart Check brings up all the sales for 1sh demanding to add second line in the Employer Stock Worksheet for each of the sales, but the data is all filled in the fist line, the only line needed. If the number of released shares is more than 1sh, everything is processed, and I needed to update the Cost Basis calculations to account for the total amount of released shares reported in the release confirmation doc.

This seems to happen when the number of released shares is also 1sh, and is probably in need of a better error message.
- I have the updated version to Feb 25th 2023.

Cheers!

TurboTax Online

DavidD66

RSUs are pretty straight forward; therefore, I recommend you enter your transactions without indicating you are reporting the sale of company stock. When RSUs vest (the stock is delivered) the entire amount is ordinary income. Your employer must collect payroll taxes, or sell shares to pay it. Since you are taxed on the entire amount, you basis is the amount that is added to your W-2 which you are taxed on. If you retain the stock, any gains on the sale will be short term if you hold the stock one year or less, and long term if you hold it more than one year.

You will have one transaction. The cost basis is the amount reported as income. The gain/loss will both be short term. The proceeds and sale date will be whatever is reported on the 1099-B.

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