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

[gilwood]

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?

 

[Kai]

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?

 

[Texasmade]



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

+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.

 

[Thomas]



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

(...)

+1

 

[gilwood]



Did you file 83(b) elections on any of the equity awards?

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

 

[taxgenius]



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

Then you should certainly hire someone qualified.