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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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ISO disposals
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MaryJane
Level 2
04-09-2024
10:46 AM
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This is my first time working with ISO disposals. My client's W-2 has the amount reported both in their wages and on box 11. As a result the amount is flowing to Schedule 1 Other income. It appears to me that it is being taxes twice. How do I adjust that?
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dascpa
Level 11
04-09-2024
01:02 PM
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ISO "disposal" is not typically a term used. Box 11 is a distribution from Sec 457 and other nonqualified plans. Be careful that you don't have both qualified in Box 1 and nonqualified in Box 11.
A TurboTax post I found.
The IRS did change reporting requirements for 2022. It is being correctly reported on Schedule 1, Line 8t and Form 1040, Line 8. Here's more info on Non-Qualified Pension Reporting.
