I failed to report a short term loss $4.52 on the sale of a mutual fund. Do I need to file an amendment?

[Rachel_W · Accepted solution]

Yes, you should Amend your return to report the sale of your mutual fund even though it resulted in a $4.52 short term loss.  

If you don't report the sale and related cost basis on Schedule 8949, the IRS will tax you on the full amount of the sale proceeds because they assume your cost basis is -0- if you don't report it to them.

You will need to Amend your Tax Return once the IRS has fully processed your Tax Return and you have received your Refund. You can click here for instructions on Amending your tax return: How to Change a Tax Return You Already Filed.  

The 2018 Form 1040-X is estimated to be available February 28, 2019.  You can click here for information on IRS Forms Availability.

Note: You SHOULD NOT make any changes on your return in TurboTax until this form becomes available.