turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

qman13
New Member

I made about $20 on Robinhood last year but didn’t realize it til after I filed my 2019 taxes recently. Is this something I need to fix? Is $20 even enough to with about?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MinhT1
Expert Alumni

I made about $20 on Robinhood last year but didn’t realize it til after I filed my 2019 taxes recently. Is this something I need to fix? Is $20 even enough to with about?

In principle, you are required to report all income and should amend your tax return to add that income from your Robinhood account.

 

However, the IRS may consider $20 as de minimis and would not bother to write to you for that omission. It also depends on whether the gross proceeds reported is much larger than $20 as in this case the IRS may write to you to tax the gross proceeds instead of the capital gain. In this case, you can then submit an amended tax return and pay the extra tax and interest and penalties, which should not be a large amount.

 

So the call is yours.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies