Stock Options
The W-2 box 12 code represents the income picked up by the employee on the exercise date of a NQSO.
What is code V?
When this box is checked on a K-1, it generally means the taxpayer sold his or her ownership interest in the PTP.
A modification is created since Wisconsin does not allow for this Federal deduction on fixed assets.
What is bonus depreciation?
Operate a qualified business out of your home and you will be using this form to calculate your expenses.
What is Form 8829?
Sales tax levied on the sale of goods to its ____end user.
What is final?
The date on which an employee purchases shares of employer stock.
What is exercise date?
When calculating gain or loss on sale of PTP ownership interest this document will give you the sales proceeds amount.
What is 1099-B?
The subtraction is automatically calculated in Lacerte if Federal Form 2441 has been filled out.
What is child/dependent care?
Self employed individuals, partners with earnings reported on a K-1, and a more than 2% S-Corp shareholder may all claim this adjustment on Schedule 1.
What is self-employed health insurance?
These were eliminated in 2018. They lowered your taxable income for you, your spouse, and your dependents.
What are personal and dependent exemptions?
This category of income is created on the exercise date of a NQSO. It represents the excess of the FMV of the stock less the option price.
What is ordinary income?
This form will report the ordinary gain from the sale of the PTP.
What is 4797?
These types of taxpayers generally will not show a subtraction for Medical insurance premiums on WI Form 1.
What is self-employed?
Taxpayers will use this form to report income or loss from rental real estate, royalties, partnerships, S-Corps, and estates and trusts.
What is Schedule E?
The TCJA repealed the provision taxable to recipient and deductible by the payer. Effective for any divorce executed after 2018.
What is alimony?
Incentive stock options (ISO) and employee stock purchase plans (ESPP) make up this category of stock options.
What are statutory options?
A preparer must do the following when a client receives a PTP K-1 held by an IRA.
What is nothing?
The IRS recently blessed this WI election which triggers a subtraction on line 11 Form 1.
What is WI entity-level tax election?
This type of transaction can satisfy all or part of your RMD from an IRA with some or all of the distributions being nontaxable.
What is qualified charitable distribution?
An SBA loan that helps businesses keep their workforce employed during the coronavirus crisis.
What is the Paycheck Protection Program (PPT) loan?
The sum of cash paid, and the compensation added to the W-2 upon exercising a NQSO make up this amount.
What is stock basis?
This specific type of basis adjustment will cause a regular tax gain/loss represented on Form 6251.
What is AMT?
This code number represents a subtraction for long-term care insurance premiums paid.
What is 2?
A requirement for contributions of an item if value exceeds $5,000.
What is a written appraisal?
An economic development tool that allows people to invest in distressed areas in the US to defer tax on eligible gains.
What is opportunity zone?