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New Member
posted Apr 22, 2020 10:47:20 PM

I only made less than $10 in stocks last year. Will I get in trouble if I don’t file the stocks in taxes?

0 5 9927
5 Replies
Expert Alumni
Apr 23, 2020 5:34:56 AM

You may receive a letter from the IRS for having unreported income.  The extent of what kind of issue this may cause will depend on what you mean by you 'made less than $10 in stocks'. 

 

If that $10 was in the form of dividends, then it is unlikely that it will make a difference on your tax return and it would be unlikely to cause a problem with the IRS if they did send you a letter.  

 

If that $10 was because you sold some stock for $1000 that you had purchased for $990 and therefore had a $10 gain, then not reporting that gain on your return is a bigger issue.  To the IRS, it looks like you did not report $1000 of income since the transaction was not reconciled on your return.  

 

 

@tax-ret20

New Member
Apr 23, 2020 7:41:16 AM

So should I wait till that letter comes and go to an accountant? Because I forgot to add the stock taxes when I did my 2019 tax return. 

Expert Alumni
Apr 23, 2020 8:37:32 AM

You can amend your tax return using TurboTax.

 

To amend your return, please follow the instructions in this TurboTax Help topic.

Level 15
Apr 25, 2020 12:32:02 PM

I think IRS will let you skate for $10.

Your cost basis is reported to the IRS.

New Member
Jan 21, 2025 11:47:45 AM

So I Like to do penny stocks to learn investing/trading and I made over a $10 gain Would I have to report that to the IRS