Do I need to report/amend if I sold my robinhood-stock 5 dollars?

Forum|Forum|5 years ago
March 19, 2021
1 reply
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Robinhood sent me this information for last year.

1099-Div = $0.00

1099-Misc = $0.00

1099-B = $0.00

And the form 8949? says as shown.

I already filed my 2020 tax, do I need to submit amending forms 1040x?

Best answer by MinhT1

In theory, you must report all income however small.

But in this case, you have a 1099-B form with sales proceeds of $6 and a gain of $1. With these de minimis numbers, I would not bother filing an amended return as this will not change your taxes. And the IRS would not send you a letter for such small amounts.

MinhT1Answer

In theory, you must report all income however small.

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DuonAuthor

follow up question. If I do 1040x, is it cumbersome? I mean if it is not too hard, I can also just do it.

But if it is a lot of steps and fees, then I will just let it be.

Cynthiad66

It is a very easy process with TurboTax and Free. However, the amount you are talking about is deminimus by the IRS standards. You can not amend just for that, however if you would like to amend, here are the instructions.

If your e-filed return was rejected (you got a specific reject code), go here instead.

Looking for a prior year return? Go here.

You can amend e-filed returns if they've been accepted; paper-filed returns may be amended once they've been mailed.

If your e-file is still pending, you won't be able to make changes until the IRS either accepts or rejects it. Don't know your e-file status? Here's how to look it up.

Select your tax year for amending instructions: