PATAX
Level 15
Retired employee sold stock options of previous employer. Employer correctly issued w2 showing 28k gross, less all fed, state, and local tax withheld of 8k. Client received balance of ~ 20k. Stock brokerage firm that handles stock options for employer issued 1099b, short term sale, showing ~ 40k "gross sale" less "basis" reported of 12k, resulting in 28k gain - all data reported. In my opinion, it should not be reported twice. If I increase stock basis to 40k it will not match 12k reported to IRS, and a letter may follow from the IRS. Since it is difficult to correspond via mail now, I think it would be better if brokerage firm corrects the 1099b. What do you guys think? Thank you very much in advance.
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Just-Lisa-Now-
Level 15
Level 15
You can adjust the basis, you almost always have to in this type of situation. The brokerages rarely have it correct.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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PATAX
Level 15
Thank you very much Lisa....I appreciate it.
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