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Question about TAXES!!!

I did my own taxes and mailed them this past Friday. On Saturday I got something in the mail from my job showing that I invested in stock last year and no longer do so. I forgot about it. Was that supposed to be part of my taxes??????? Please help. I don't want to get in trouble with the IRS!

Answer Question
 
jean_marie1987

Asked by jean_marie1987 at 8:46 AM on Feb. 9, 2010 in Money & Work

Level 8 (255 Credits)
Answers (8)
  • you can file an amendment..i've never done this, so i'm not sure how it works.
    thehairnazi

    Answer by thehairnazi at 8:59 AM on Feb. 9, 2010

  • File an amended return. Revising your tax return is done by filing an amendment. You use Form 1040X, plus a new Form 1040, and any necessary schedules and forms. Amended tax returns have to be filed on paper, and they can take 8 to 12 weeks for the IRS to process.
    itsmesteph11

    Answer by itsmesteph11 at 9:31 AM on Feb. 9, 2010

  • I heard that if the company does not send you your tax things (W-2, 1099, etc.) then they can get in trouble. You may not have to worry.
    Anonymous

    Answer by Anonymous at 9:32 AM on Feb. 9, 2010

  • Oh by the way, I believe you have 3 yrs to do it so don't worry over it, just don't forget it.
    itsmesteph11

    Answer by itsmesteph11 at 9:32 AM on Feb. 9, 2010

  • Not sure I follow. Did you own stock and then sell it? Did have options that expired?
    Anonymous

    Answer by Anonymous at 10:18 AM on Feb. 9, 2010

  • Yes, I owned stock then sold it. It was less than $300 if that helps.
    jean_marie1987

    Answer by jean_marie1987 at 11:49 AM on Feb. 9, 2010

  • Did you have any capital gains on the stock?
    And was the stock part of a 401K or another retirement account? And if it was, did you put the money back into another retirement account or did you cash out?

    Anyway- long story short, if it's a 401K or an IRA, that you cashed out, you will owe whatever your tax bracket is plus a 10% early withdrawal fee (assuming you weren't old enough to cash them out.)

    If it's a Roth IRA, I believe it's a 10% fee for the principle amount that you contributed (you've already paid taxes on the money in a Roth) and then your tax rate for any interest that you have received. Again, that's assuming you've cashed out early.

    Even if you had losses, I believe if you sold them you can actually reduce your taxes. So it might be worth it to refile just to lower your tax liability.
    Anonymous

    Answer by Anonymous at 7:17 PM on Feb. 9, 2010

  • It was not early retirement or 401K... It was just stock...
    jean_marie1987

    Answer by jean_marie1987 at 9:30 AM on Feb. 10, 2010

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