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3921 Taxact Form: What You Should Know
Form 3921: Form 3921-Exercise of an Incentive Stock option- IRS If an employee transfers stock to an executor, trustee, or court on your organization's behalf, you'll have to report the transfer on your IRS Form 5471. If you sell or otherwise dispose of assets, report on Form 1038. If an entity makes a sale or other disposition of any interest that the entity owns as a result of a sale or other disposition you made while withholding, report on Schedule D of Form 1040 (or Form 2441 for sales and dispositions by corporations). If you pay benefits in cash, report on Schedule SE If a distribution is made from an employee deferred compensation plan, report this on Schedule D of Form 1040 (or Schedule SE (G)). Employee Stock Options (SOS) SOS are stock options granted by companies after June 24, 2005, to certain former employees. The benefits accrue while the employee is a qualified employee for all options granted after June 24, 2005. If an ESO is granted, you have an option in favor of the employee to purchase the option stock. If an ESO is issued, you have an option to purchase the ESO when the ESO issuable. If SOS are issued after July 21, 2005, the options are granted for all vested dates, even the vesting dates. An ESO grants additional options on any non-vested dates. The ESO is considered a security for federal tax purposes. An ESO is treated as property when disposed of. If an ESO is converted to common stock, the ESO becomes stock. If an ESO is converted to common stock and not exercised, the ESO becomes an option to purchase the stock. If an ESO is converted to common stock and exercised after vesting, the ESO becomes a restricted stock unit (RSU). Your organization should review your ESO policies. If a restricted stock unit (RSU), or ESO is issuable, you should consider either purchasing the RSU for shares purchased under the ESO program or selling the shares. If stock is not needed in the organization, SOS may be considered property and subject to capital gains tax (if the ESO is sold).
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