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tax-ret20
April 23, 2020
Question

I only made less than $10 in stocks last year. Will I get in trouble if I don’t file the stocks in taxes?

  • April 23, 2020
  • 1 reply
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A
AnnetteB6
April 23, 2020

You may receive a letter from the IRS for having unreported income.  The extent of what kind of issue this may cause will depend on what you mean by you 'made less than $10 in stocks'. 

 

If that $10 was in the form of dividends, then it is unlikely that it will make a difference on your tax return and it would be unlikely to cause a problem with the IRS if they did send you a letter.  

 

If that $10 was because you sold some stock for $1000 that you had purchased for $990 and therefore had a $10 gain, then not reporting that gain on your return is a bigger issue.  To the IRS, it looks like you did not report $1000 of income since the transaction was not reconciled on your return.  

 

 

@tax-ret20

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    T
    tax-ret20Author
    April 23, 2020

    So should I wait till that letter comes and go to an accountant? Because I forgot to add the stock taxes when I did my 2019 tax return. 

    M
    MinhT1
    April 23, 2020

    You can amend your tax return using TurboTax.

     

    To amend your return, please follow the instructions in this TurboTax Help topic.

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