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myvolkswagon2002
New Member

I have a 19.00 stock that I have and now turbo tax is telling me I have to pay 59.99!!! to enter this on my tax return. PLEASE HELP - LIMITED INCOME

AND CANNOT SPEND SO MUCH FOR SO LITTLE - CAN SOMEONE OUT THERE HELP ME?
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Accepted Solutions
ToddL
New Member

I have a 19.00 stock that I have and now turbo tax is telling me I have to pay 59.99!!! to enter this on my tax return. PLEASE HELP - LIMITED INCOME

The IRS requires you to report  all your income.

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 $19, the interest and penalties might total $2 to $4 at the most.

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1 Reply
ToddL
New Member

I have a 19.00 stock that I have and now turbo tax is telling me I have to pay 59.99!!! to enter this on my tax return. PLEASE HELP - LIMITED INCOME

The IRS requires you to report  all your income.

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 $19, the interest and penalties might total $2 to $4 at the most.

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