Long story short I just realized yesterday that I mistakenly failed to report a stock sale in which I made about $1000 on my 2009 tax return. This was completely unintentional on my part, but it was definitely my own error.
My question is do I really need to file an amended return? And if so will I be charged any penalties or interest? I’d hate to have to pay a bunch of extra fees for failing to pay a measly $150 in taxes, but at the same time I know it’s probably unlikely that anything would become of it if I just continued to ignore it. Again, it was completely unintentional so its not like I filed a fraudulent return.
I’m not asking for legal advice. I know legally now that I have found the mistake I should file the amended return. I’m basically just asking what the likelihood is that anything would become of this if I did nothing or if I did file the amended return how much extra would my total tax bill be.
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. You’ll have to pay both interest and penalty. If you file an amendmended return you’ll still have to pay interest but I’m not sure on the penalty.
[quote]reddog6376 wrote:
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. [/quote]
[quote]reddog6376 wrote:
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. [/quote]
[quote]reddog6376 wrote:
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. [/quote]
2009? It’s already been reported.
1099B was required in 2009.
[/quote]
They just haven’t caught it yet. They will. [/quote]
[quote]reddog6376 wrote:
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. [/quote]
2009? It’s already been reported.
1099B was required in 2009.
[/quote]
They just haven’t caught it yet. They will. [/quote]
Eh…
Stranger things have happened [/quote]
They tagged me for a 2009 error about 3 months ago.
[quote]reddog6376 wrote:
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. [/quote]
2009? It’s already been reported.
1099B was required in 2009.
[/quote]
They just haven’t caught it yet. They will. [/quote]
Eh…
Stranger things have happened [/quote]
They tagged me for a 2009 error about 3 months ago. [/quote]
[quote]reddog6376 wrote:
Your brokerage house or mutual fund (or whoever executed the trade for you) will report it and sooner or later they will cross check and catch up to you. [/quote]
2009? It’s already been reported.
1099B was required in 2009.
[/quote]
They just haven’t caught it yet. They will. [/quote]
Eh…
Stranger things have happened [/quote]
They tagged me for a 2009 error about 3 months ago. [/quote]
[quote]byukid wrote:
Move to Belize, it’s your only hope[/quote]
LOL!
“Belize…where problems disappear”
To the OP, I’ve screwed up capital gains disclosures before. In Canada anyway they treat stock profit as 50% of “normal” income and you are taxed accordingly. The government just sent me a bill, the interest on which is 5% per year I believe.