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Form 3921 Lansing Michigan: What You Should Know
Second, take the amount on line 20 of the calculation in line 1 of Form 3921, but report the fair market value as line 9. Third, you should be able to report the fair market value on line 21: In the second and third versions of Form 3921, the amount from line 9 in line 21 is reported as income. However, in the third version, the amount from line 9 in line 21 is reported as a capital gain instead. Do the math, and it all makes sense. So, if your employer wrote in an email that the fair market value at the time of the exercise is 100,000.00, don't worry, but report the 100,000.00 in line 9, rather than 0. When you open the form in Chub, you should use the tab “Properties.” Click on the “Enter fair market value” button and enter the following: In the first tab on your screen, you're supposed to put the amount you reported on line 1 of Form 3921, that is, 100,000.00, as your AGI (adjusted gross income). Click on “Go,” and in the menu under AGI, you should see “Other Source,” under “Line 10 of Form 3921.” Click on that line and under it, paste in the following: Enter the number you got from your employer, and click OK. And finally, in the following list, click “Go.” It'll look like this: Enter the dollar signs the fair market value that has been reported to you on line 9 of the form. If at the time of your exercise of an incentive stock option and the fair market value of the stock is 120,000.00, you'll have to deduct 60,000.00, or 15,000.00 each year. The amount that goes on line 11 of your Form 3921 should be your income for the year, since the IRS assumes that the 120,000.00 is income, and you paid no tax for it in 2011. Tax year 50,001.00. 2023 income 50,001.00. Fair market value at exercise 40,000.00 So, if your fair market value is 110,000.00 when you exercise the incentive stock option, and 20,000.
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