Non qualified stock options

[rphjoe]

What is the name of your state? NJ
1st time selling nqso and having a hard time with turbo tax. I filled out schedule D with same day sale info, cost basis, proceeds, etc. Came out with a small net loss due to fees. I believe that part is fine but there is a "check box" stating "Taxes were withheld on this sale". Not sure if it should be checked off or not? If I do check it, my return increases by the federal tax I add in the tax amount withheld box. The exercise gain is listed in box 12c code V of my w2 form.
I don't think the box should be checked but don't want to give up money if I am wrong!

Thanks in advance for your help, Joe

 

[Snipes5]

Only check the box if the brokerage withheld taxes from the proceeds.

They would only do this if you are either a non-resident alien, or are subject to "backup withholding" due to not having paid income taxes on previous stock transactions.

If no tax was withheld, and listed on the 1099B, don't check the box.

Snipes

 

[rphjoe]

Only check the box if the brokerage withheld taxes from the proceeds.

They would only do this if you are either a non-resident alien, or are subject to "backup withholding" due to not having paid income taxes on previous stock transactions.

If no tax was withheld, and listed on the 1099B, don't check the box.

Snipes

Thank you, I did not think it should be checked but wanted to be sure, as this is the 1st time with stock options.

Joe