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Posted by g82martin on February 18, 2008, 6:15 pm
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In 2005 and 2006 I filed 1099-B forms for dividends from shares of my
company stock that I sold. The 2005 dividends totaled about $3,500 and
2006 totaled about $1,700.
What I didn't realize until this year was that my company was
reporting these dividends to ADP who in turn reported it on my W-2 as
part of my Wages/Salary. So, essentially, I double paid on these
dividends.
My question is how do I go about recouping this money from Uncle Sam?
Your help is greatly appreciated.
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Posted by Phil Marti on February 18, 2008, 8:05 pm
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> In 2005 and 2006 I filed 1099-B forms for dividends from shares of my
> company stock that I sold. The 2005 dividends totaled about $3,500 and
> 2006 totaled about $1,700.
>
> What I didn't realize until this year was that my company was
> reporting these dividends to ADP who in turn reported it on my W-2 as
> part of my Wages/Salary. So, essentially, I double paid on these
> dividends.
It sounds like they aren't dividends, but exercise of options or some sort
of employee stock purchase plan. The part of your profit treated as wages
adds to your basis in the stock, the sale of which is reported on the
1099-B.
> My question is how do I go about recouping this money from Uncle Sam?
You need to file amended returns for the years in question on Form 1040-X.
You'll also need to prepare a correct Schedule D for each year. Make sure
you use the right years' forms. All forms are available from www.irs.gov.
--
Phil Marti
Clarksburg, MD
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by removeps-groups@yahoo.com on February 18, 2008, 8:35 pm
Please log in for more thread options On Feb 18, 3:15 pm, g82mar...@msn.com wrote:
> In 2005 and 2006 I filed 1099-B forms for dividends from shares of my
> company stock that I sold. The 2005 dividends totaled about $3,500 and
> 2006 totaled about $1,700.
How come and with whom did you you file a 1099-B? That form shold be
sent to you by the financial company. You, as the individual, only
report the amounts on Schedule D. Also, dividends are reported in
1099-DIV (which the financial company will also send to you), not 1099-
B, and you report the amounts on Schedule B. Dividends happen when
you hold a stock that pays dividends, which is a portion of the
company's profits.
If you indeed made a mistake, go ahead and file an amended return
1040X. For the explanation, you can use the text "What I didn't
realize ...". You typically have 3 years from the date you filed to
amend your return.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Benjamin Yazersky CPA on February 19, 2008, 11:10 pm
Please log in for more thread options On Feb 18, 6:15 pm, g82mar...@msn.com wrote:
> In 2005 and 2006 I filed 1099-B forms for dividends from shares of my
> company stock that I sold. The 2005 dividends totaled about $3,500 and
> 2006 totaled about $1,700.
>
> What I didn't realize until this year was that my company was
> reporting these dividends to ADP who in turn reported it on my W-2 as
> part of my Wages/Salary. So, essentially, I double paid on these
> dividends.
>
> My question is how do I go about recouping this money from Uncle Sam?
>
> Your help is greatly appreciated.
>
> --
You as an individual taxpayer do not file a 1099B.
A 1099B is filed by a reporting agent to report the sale of stocks or
other securities.
You do include the items on the 1099B in the schedule D of your 1040.
Generally, when you get company stock or options, the amount is added
to your W2.
This generally becomes your basis in the stock sold.
You should consult your own CPA/tax advisor to prepare amended tax
returns for you.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
"This written advice was not intended or written to be used, and it
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imposed on the taxpayer."
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governing tax practice.)
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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