Q about forgetting to include stock sale?

Question

So I thought I would get an early jump on taxes this year. I have W2 forms from all 3 jobs I've worked at this year and tax software so I went ahead and filled in the information and that was that. I received an email saying the IRS had accepted my return.

The only problem is a few days later I receive a letter with a form to include in my tax return. I had forgot about some stock I had sold early last year.

So since apparently the IRS has already accepted my tax return for this year what do I do? Apart from learning to wait to do my taxes.

Answer 1

There may be an option to file an amendment within your tax software. The form is the 1040X. It shows the original return amounts the net change and new amounts. If you filed state taxes dont forget to amend those as well. However I recommend that you wait till you receive your refund or 4 weeks has passed since the IRS accepted your return. You must mail in the amendments rather than send them electronically.

Answer 2

File an amended return. INfo at IRS webpage

Answer 3

I like the answer from H & R, but a slight clarification might say "There may be a way to prepare the 1040X using the tax software, but you must mail it in."
You don't have to include a separate letter explaining it, since the explanation is entered on the 1040X itself.

Answer 4

File an amended return, with a letter stating why you've done so.

Answer 5

Did you sell the inventory? if so, you will might desire to get the suggestions approximately what fee the inventory replaced into once you got it (the muse) so which you will record sort 1040X with a schedule D. you will might desire to record them. The payer will record the sale of inventory to the IRS.