I have a question about taxes on stock option sales. Where do I report nonqualifying stock option sales?
Your basis in the stock is the sum of:
- What you paid to sell the option
- Compensation included in your income when you sold the option
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Adjusted Gross Income is simply your total gross income minus specific deductions. Additionally, your Adjusted Gross Income is the starting point for calculating your taxes and determining your eligibility for certain tax credits and deductions that you can use to help you lower your overall tax bill.