ErnieS0
Expert Alumni

Get your taxes done using TurboTax

There's nothing you can really do at this point in time since 2020 is over. You are not able to use 2021 losses to offset 2020 gains. This happened to a lot of people who began day trading for the first time during the dot-com bubble.

 

You can check to see whether all your transactions are being reported correctly.

 

If you have a tax penalty you can try to annualize your income if most of your gains took place towards the end of the year.

 

The IRS also has payment plans.

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