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Video instructions and help with filling out and completing non qualified stock options 1099 misc
Hi I'm Phil figler I'm an enrolled agent NoCal in California my company's called Phil tax you can learn more about us on our website wwlp.com this video clip is going to be the first in a series of four about employee stock options we're calling this stock options and taxes one a and it's going to be about non-qualified or non-statutory stock options now if you're watching all the videos you can watch them in any order you please doesn't matter although you may want to take a look at the introductory video which is sort of a summary of what's it all about and what's going to happen in the four so now we run non-qualified or non-statutory stock options these are probably the easiest ones to report on your taxes they tend to be taxable at the point of exercise which is when you buy the stock and they are ordinary income that is wages they will be subject to all the same taxes the wages are subject to your income from these stock options comes from whatever the difference between the fair market value of the stock on the day you exercised and your option cost is we like to call this the bargain element the bargain element is what becomes taxable as wages an interesting fact about nq's is that it's about the only stock option that you do not have to be an employee to receive a 1099 contractor may receive them as well so if you're an employee it's gonna be wages it's gonna be in your w-2 if you're an independent contractor it's gonna be 1099 income and it's going to be in your 1099 if you are an employee and have a w-2 that will be a code these in victory in box 14 to signify the amount of your in which came from these options and Q's very often or almost always I would say tend to be same day exercise and sale just because of your exercising the options you're buying the stock and normally the way people get the cash to buy those shares is to also instruct their company to sell the shares so same day exercise and sale occur than all the federal state withholding Social Security and Medicare will be withheld from your proceeds and the net amount will be given back to you so that's how those work and again they're ordinary income wages to the w2 person 1099 income to the 1099 person and your income ends up being your bargain element which was your discount from the fair market value of the shares you need to remember that when you do sell your shares whether that's the same day exercised in sale I refer to a minute ago or whether it's down the line you've now made a stop trade which means you're going to receive a 1099 B ISM boy from the brokerage house where your company keeps their stock.