Unexpected $50K tax bill from exercised stock options
Before anyone says “you should’ve gotten advice”, yes, I know. Do I hate myself enough already? Yes.
I left my old tech company when it was booming and the share price was at an all time high ($140). I exercised my shares when I left, which I was required to do when exiting the company.
I didn’t sell any at the time (again, hate myself) and the share price has since plummeted thanks to a CEO who couldn’t keep his snake in his pants completely tanking this tech company’s reputation.
I have now just been hit with a $50K tax bill and have no way of paying it, given I was made redundant earlier this year (from the job I left the tech company for, hate myself!) and have been surviving off savings to pay my mortgage and keep afloat. I’m finally working again but I feel so angry and stressed that I now have this enormous debt to pay and it’s for nothing! My shares have tanked, so I am literally paying $50K just for working at shitty tech company. There’s the obvious ATO payment plan but that’ll cost me $2k/month for two years.
I have an accountant who is doing their best to help me, but I’d love to know if anyone else has been in this situation and had any advice? Thank you and please be gentle on me…