Can I do my own taxes for Restricted Stock & Stock Options?

Discussion in 'Business, Careers & Education' started by gilwood, Jan 28, 2013.

  1. gilwood

    gilwood Senior member

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    Well, tax season is here. I guess I'll start out the questions since I'm a knucklehead with taxes.

    In past years, I've done my own taxes with Turbotax and everything was pretty straight forward. In 2012, however, I ended up selling all of my employee stock purchase plan, stock options and restricted stock. I ended up making a nice sum of money. However, I've heard that its hard to do those taxes. Do you guys think I can still calculate my own taxes with Turbo Tax or should I get an accountant? If I do, should I go to HR Block, Jackson Hewitt or the like? Do I need some sort of special stock accountant?
     


  2. Kai

    Kai Senior member

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    I would hire a real accountant for this. (By real accountant, I mean somebody who does not work at HR Block, etc.)

    Find an accountant with experience dealing with equity compensation. Get a recommendation from someone who has used this person in the past.

    Did you file 83(b) elections on any of the equity awards?
     
    Last edited: Jan 28, 2013


  3. Texasmade

    Texasmade Senior member

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    +1

    The guys at H&R, Jackson Hewitt, etc aren't trained accountants. They're trained to churn out tax returns. Go to a CPA who deals with this stuff year round and not to a guy who took a 2 hour training class.
     


  4. Thomas

    Thomas Senior member

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    +1
     


  5. gilwood

    gilwood Senior member

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    Nope - Mainly because I have no idea what that is. Accountant seems like the way to go.
     


  6. taxgenius

    taxgenius Senior member

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    Then you should certainly hire someone qualified.
     


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