I have received everything I need to file my taxes - W2s, 1099-DIVs, 1099-INTs, 1099-Bs. I have entered in all my information into both TurboTax for the Web and TaxActOnline. Using TaxActOnline, I will owe more taxes compared to when I use TurboTax for the Web.
The discrepancy I noticed was the calculation of the sale of stock from ESPP (Employee Stock Purchase Plan). TaxActOnline calculates the amount the way I have read the calculation is suppossed to be, including the description of the TurboTax website itself. However, TurboTax for the Web follows the same description to calculation the net gain, but then subtracts any trading fees paid from that net gain. It does not make sense, because the trading fee was already subtracted from the total proceeds. TurboTax for the Web is deducting the amount twice when it should only be done once.
I am going to have to do more digging around to get this ESPP tax situation straigtened out before filling. At least I've got about 2 months to figure it out still.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment