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imarrero305
New Member

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Look at this link:

https://support.turbotax.intuit.com/irs-notice/audit-support/

That will help, with the IRS think about this:

1) timely respond.

2) in your case look over the letter from IRS in great detail as if they are questioning stock sales and say you owe some money ($3K) there may have been some sales dates missing (and then the IRS will tax as Short-term versus Long Term) and the cost basis may be missing and IRS will enter $0 for cost basis.

So do this before you Amend the return to see if you can correct it this way.  See link below:

If you need to Amend you will need the TurboTax Premier which is best for stock sales.

https://turbotax.intuit.com/personal-taxes/past-years-products/

View solution in original post

9 Replies
MichaelL1
Level 15

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Did you do those years in TurboTax?  If so, you don't need a program, let me know and I can show you what to do.
imarrero305
New Member

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Unfortunately no. I did it with an accountant that Indknt believe knew how to complete and that was even with the Tax Guide that Meryl Lynch provided. Now the IRS says I owe $3k and the bulk of it is securities. How should I proceed? Thoughts?
MichaelL1
Level 15

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

You can do it in TurboTax, however, to amend you will need to input the return exactly as filed and then do the amendment.  Lots of time.  Let me put something in the answer that may help.  Ok
imarrero305
New Member

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Ok thanks as well as the program I will need to download
imarrero305
New Member

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Thank you for your help! Appreciate the time.
MichaelL1
Level 15

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

My pleasure
BobinCT
Level 7

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Did the IRS indicate that they wanted an amended from you?
imarrero305
New Member

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

No they did not. It’s just a letter stating that I owe and they have a difference of what was entered vs what was sent to them via 1099b. The 1099b only shows total but doesn’t reflect the taxes I paid on it when I sold my non qualified stock. I was told that since 2014 changes were made and that I have to adjust cost. I’m not sure how to do that. I have a summary from Meryl Lunch that shows my taxes and how much my cost actually was. I would assume that last what i need to put bs what the 1099b shows
MichaelL1
Level 15

Which tax program should Inget to ammend taxes that had improper costs entered for stocks from 2015 and every year there after?

Look at this link:

https://support.turbotax.intuit.com/irs-notice/audit-support/

That will help, with the IRS think about this:

1) timely respond.

2) in your case look over the letter from IRS in great detail as if they are questioning stock sales and say you owe some money ($3K) there may have been some sales dates missing (and then the IRS will tax as Short-term versus Long Term) and the cost basis may be missing and IRS will enter $0 for cost basis.

So do this before you Amend the return to see if you can correct it this way.  See link below:

If you need to Amend you will need the TurboTax Premier which is best for stock sales.

https://turbotax.intuit.com/personal-taxes/past-years-products/

View solution in original post

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