Failed to file 2020 taxes with capital gain in stocks

[atsmith88]

I failed to file my taxes of 2020 and I forgot that I had $20,000 capital gain in employee stocks that I sold that year. Both state (Oklahoma) and Federal.

My main concern is jail time. I'm not sure how to determine what warrants jail time or doesn't. Should this be a concern or are the fines/penalty payments the only things I need to focus on?

edit -- I've already taken care of this, but knowing that jail time isn't something that I need to worry about would be a relief. I'm new to taxes and stocks.

[MinhT1 · Accepted solution]

You can file your 2020 tax returns (Federal and State) now to report your stock trades and capital gains. 

To file your return, you can start here.

You'll have to pay back taxes and penalty and interest.

As this can be considered as a bona fide omission, filing your 2020 tax return and paying the back taxes and penalty will completely solve the issue. Jail time is when you are convicted of tax fraud or tax evasion.