Under Section 3(c) of Announcement 2005-19, when options are exercised, how does the Executive report the additional compensation income and liabilities for employment taxes and penalties?
A-3.13. The Executive should submit with his future Form 1040 a copy of his Announcement 2005-19 closing agreement along with a statement showing his calculation of additional wage income, the resultant employment tax and accuracy-related penalty. Using the 2004 Form 1040 as an example, the additional wage income would be included on line 7 and the employment tax would be included on line 58. The accuracy-related penalty would not appear on the Form 1040 itself.
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