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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.
