Q about forgetting to include stock sale?
Question:
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:
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.
File an amended return. INfo at IRS webpage
File an amended return, with a letter stating why you've done so.
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.
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