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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- How do you report ESPP ordinary income in ProConnect online?
How do you report ESPP ordinary income in ProConnect online?
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Justin
Level 1
12-07-2019
11:48 AM
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I have a client who gifted his ESPP shares to a relative instead of selling them. It's a qualified disposition. Per the rules, this means he must recognize ordinary income for the gift in the amount of his discount.
His employer already stated this amount will not be included on his W-2.
It must also be reported in Line 1 wages on his 1040.
How do you enter this in ProConnect online?
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itonewbie
Level 15
12-07-2019
11:48 AM
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If it's with an existing employer, add the bargain element to Box 1 of the W-2 and, if you'd like, include a footnote for that. You should be able pull the number from F.3922.
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