King Rat (gkr) wrote,
King Rat

What I did wrong on my taxes

So I figured out what I did wrong on my 2003 tax return. I exercised some of my stock options during 2003. This is taxed as ordinary wage income. I was not aware that I also had to put this information on my schedule D. I thought it was enough that it was included on my W-2. When I put it on my Schedule D, I also get to put in a cost basis that includes the amount that I made in wage income. This probably won't make much sense to anyone who hasn't done it before. It's a big duh! to me now. The net result is that 99.9% of the income they show I didn't report actually figures out to be a loss when I do it right. But then I did miss about $271 in income that should have been reported.

Net result of everything is that I will subtract $10 from my income. I do not have to add $271,000. They owe me like $2.50. Not sure exactly how much. I'll let them figure it out and cost them even more in time to do so and mail me the check.

I owned the I.R.S.

Or will, once I file all this shit.

And then I have to fix my 2004 tax return too.


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