I left Intel voluntarily in Mid 2015 to pursue another job. They still sent me a 2016 W2 with about $1500 income on it. I called up the intel HR help and they told me its for dividends paid for my INTC stock holdings. This does not make sense since I receive a seperate 1099 for that for UBS and the amounts don't even match.
Not sure why intel is reporting 2016 income to IRS, when I wasn't even employed there. I do not want to be taxed on income I did not have. Anyone else experiencing this?
Turbo Tax explains it pretty well:
https://turbotax.intuit.com/tax-tools/tax-tips/Investments-and-Taxes/Employee-Stock-Purchase-Plans/INF12047.html
If you purchased stock through the employee SPP it was purchased at a 15% discount. If you sell that stock within two years of purchase that 15% discount is reported as income, thus the W-2. It won't be reported by UBS because it is income, not dividends or capital gains.
Here's how RSUs get taxed, separately from any gain/loss when you sell them. https://www.google.com/amp/www.cnbc.com/amp/2015/07/20/how-to-avoid-the-tax-traps-of-restricted-stock-units.html
Those of us who took ERP last year will have an inflated W-2 as a result of the accelerated vesting we got.
Seems too small an amount to account for RSU vesting. Besides, unless you met Rule of 65 when you left, unvested RSUs would have gone away. But yes, if you had accelerated vesting as part of ERP for example, those units' value would be reported on a W-2. RSUs are not free money. What UBS reported last year for me was sales and any gain/loss, which is separate from the income of RSUs vesting.
Sounds like bonus. Those of us who to ERP in 2016 got a prorated APB for first half of 2016 in January 2017 and so will get a W-2 in 2018.
Nice fairy tale bruh
some IRS requirement, 3 years old now forces both intel and ubs to report it...its up to the individual to not double report it....you probably need to add some small letter , that represents the reason to some column on form 8849 that explains why you skip any gain from ubs.
I sold SPP stocks in 2016 and got W2 from intel. I also see 1099 div and 1099 b at UBS website. Sounds like counter twice. Confusing
It might be EPP stock. After you left if you did not fill out that form that comes every December they assume you sold the stock prior to it becoming a long term holding (1-1/2 years for EPP stocks). They then consider it ordinary income and report it to the IRS as such.
I had something similar happen to me in 2009. I photocopied all my documentation and sent it to the IRS with an explanatory letter and all was corrected.
I left in 2015 and I haven't received it. The whole thing makes no sense as the stock is managed by UBS and they are the one who should report it. The only thing that may make sense here is if Intel held the dividend, converted it into stock and deposited it to UBS. In that case they may have recorded it as income. A good thing would be to run an UBS report on what got deposited into the UBS account during 2016 and if you see a dump that equate what Intel is putting on the form, that may be it.
It s---s either way, but hey man, you've got the money