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Step by Step directions on how to enter RSU’s on Turbo Tax Premier

OFF TOPIC Post: This was my doing tax weekend so here is some how to on something that really annoyed me.

I spent a considerable amount of time trying to figure out how to enter RSU’s (Restricted Stock Units) into Turbo Tax Premier. I did not figure it out, my friend Bentley (yes he is named after the car) showed me how to do it. I am passing on the information to you. The example is 900 shares vesting on 4/21/2007 at 20 dollars and 300 of the shares are withheld for tax purposes. You kept the other 600 shares and did not sell them. These are not real numbers… I made them up. Here is how you do it in Turbo Tax Premier. We both got lots of help from The Finance Buff.

Step 1: Go to Federal Taxes -> Income -> Investment Sales and click Add Investment Sale

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Step 2: Click On Step by Step Guidance

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Step 3: Click On RSU’s

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Step 4: Identify the Employer… this might not show up if you are single.

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Step 5: For date sold, enter the vesting date in this case 4/21/2007, Here is the key enter 300 shares sold, not the 900 that vested. You sold 300 for tax withholding. Then enter the sales price and it will automatically figure out your net proceeds

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Step 6: You should click on “At the same time for the same price” that is the most general case.

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Step 7: Enter vesting information. Here you enter first the total number of shares vested, which in this example is 900, then again date of vesting, Market price, commission, and the number of shares withheld for tax purposes which is 300.

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Step 8: Stock probably did not split, right?

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Step 9: No reinvested dividends, right?

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Step 10: This should say how much got sent to Uncle Sam which was 300 * 20 = 6000

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Step 11: You are almost done… one last thing

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Step 12: Tell Turbo Tax if the amount is on your W-2. Most companies provide a W-2 breakdown. This benefit will be the total benefit received in this case its 900 shares vested times 20 = 18,000

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Elicia Michaud

Elicia Michaud

Broker AssociateCLHMS, CNE, SRS, ABR, CRS, e-Pro, PSA

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