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#1
03-06-2009, 04:07 PM
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 Re: can I get my overpayment of tax back? "Alan" <sfcnm-mtm[at]yahoo.com> wrote in message news:vLasl.1374$im1.817[at]nlpi061.nbdc.sbc.com... - quote - > timberwave wrote:
That is true. During the election cycle I heard a proposal to increase this> > My company granted me restricted stock in 2007, let's say $10,000 > > valued at that time. Taxes were due at the time of grant, so the > > federal portion was 25%, or $2500. The stock price has declined to > > only 5% of its previous value, and I sold it at the end of 2008 hoping > > to get back the tax I paid. The problem is that Schedule D only > > allows a maximum of $3000 loss in a year (bigger losses can be carried > > forward), and I won't be able re recover anywhere near the $2500 that > > I paid. It seems the IRS is unfairly profiting from my loss. > > I don't understand why taxes were due at the time of grant of restricted > stock. No taxes are due until the restrictions are lifted (typically when > the stock vests) unless you make a Section 83(b) election to be taxed. > All that being said, the IRS is not your problem. If you are dissatisfied > with the $3000 limit on capital losses you need to contact the people who > pass the tax laws: your representative in the US House of Representatives > and your two US senators. to $15,000 per year. That proposal seemed to go away in a hurry. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-06-2009, 01:51 PM
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| Re: can I get my overpayment of tax back? timberwave wrote: - quote - > My company granted me restricted stock in 2007, let's say $10,000
restricted stock. No taxes are due until the restrictions are> valued at that time. Taxes were due at the time of grant, so the > federal portion was 25%, or $2500. The stock price has declined to > only 5% of its previous value, and I sold it at the end of 2008 hoping > to get back the tax I paid. The problem is that Schedule D only > allows a maximum of $3000 loss in a year (bigger losses can be carried > forward), and I won't be able re recover anywhere near the $2500 that > I paid. It seems the IRS is unfairly profiting from my loss. I don't understand why taxes were due at the time of grant of lifted (typically when the stock vests) unless you make a Section 83(b) election to be taxed. All that being said, the IRS is not your problem. If you are dissatisfied with the $3000 limit on capital losses you need to contact the people who pass the tax laws: your representative in the US House of Representatives and your two US senators. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-06-2009, 03:22 AM
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| can I get my overpayment of tax back? My company granted me restricted stock in 2007, let's say $10,000 valued at that time. Taxes were due at the time of grant, so the federal portion was 25%, or $2500. The stock price has declined to only 5% of its previous value, and I sold it at the end of 2008 hoping to get back the tax I paid. The problem is that Schedule D only allows a maximum of $3000 loss in a year (bigger losses can be carried forward), and I won't be able re recover anywhere near the $2500 that I paid. It seems the IRS is unfairly profiting from my loss. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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