I only sold $45 worth of stocks/bonds/mutual funds. (I'm not even sure which

[raycay]

I'm asking because that tiny transaction would require that I spend $89 more for an upgraded TurboTax product if I'm really required to report it.

[ColeenD3]

Yes, you must report all your income. The IRS will send you a letter stating that you have not done so, and you will be assessed penalties.

[raycay]

Ok, thank you!

[fanfare]

@raycay 

The IRS penalty for the tax on your gain ($45 - cost) , if ever assessed, will be much less than $89.

You might even have a loss on that transaction.