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April 10, 2022
Question

I only sold $45 worth of stocks/bonds/mutual funds. (I'm not even sure which

  • April 10, 2022
  • 1 reply
  • 0 views
I'm asking because that tiny transaction would require that I spend $89 more for an upgraded TurboTax product if I'm really required to report it.

1 reply

ColeenD3
April 10, 2022

Yes, you must report all your income. The IRS will send you a letter stating that you have not done so, and you will be assessed penalties.

raycayAuthor
April 16, 2022

Ok, thank you!

fanfare
Employee
April 16, 2022

@raycay 

The IRS penalty for the tax on your gain ($45 - cost) , if ever assessed, will be much less than $89.

You might even have a loss on that transaction.