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Unfortunately, the IRS requires you to report all your income on your income tax return.
Having said that, if you don't report the 1099-B, the IRS may send you a notice of Proposed Increase in Taxes later this year.
They will calculate the tax due (plus interest and penalties) and you can send them a check (no amended return necessary). On $8, that might total $1 or $2 at the most.
For Acorn Securities what section do i fill out. stocks, mutual funds etc. or undistributed Captial Gains. Monies were taken out of the account.
If you have a Form 1099-B, you need to file in the section called Stocks, Mutual funds, Bonds, Other.
This how to report your 1099-B information:
You may also have 1099-DIV or 1099-INT information. Those are both enter in the Interest and Dividends section.
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