I didn't report stock trades last year(2010)?

I didn't report all my option and stock trades last year; can I call IRS and figure out what they need or if I'm in trouble vs wait and get notified and penalized?

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  • Bobbie
    Lv 7
    9 years ago
    Favorite Answer

    The IRS will not know all of your information about this stock trades so they will NOT be able to determine your correct income tax liability for you unless you fill out the information correctly using the 1040X for the 2010 tax year return and the necessary need additional forms for this purpose.

    Yes you probably will need some one that is really experienced with this matter of correcting your original filled out and filed 1040 income tax return for your 2010

    federal income tax return and also your state income tax return also for the 2010 tax year.

    You will have use the 1040X amended individual income tax return for this purpose.

    Use the search box at the www.irs.gov website for the Instructions for Form 1040X (12/2011)

    http://www.irs.gov/instructions/i1040x/i%E2%80%A6

    Lines 1 - Through 31—Which Lines To Complete

    http://www.irs.gov/instructions/i1040x/c%E2%80%A6

    Before looking at the instructions for specific lines, the following information may point you in the right direction for completing Form 1040X.

    Payments and refundable credits Lines 10–22

    You are changing amounts on your original return or as previously adjusted by the IRS. Because Form 1040X can be used for so many purposes, it is sometimes difficult to know which part(s) of the form to fill out. Unless instructions elsewhere in this booklet tell you otherwise, follow the rules below.

    Always complete the top of page 1 through Amended return filing status.

    Complete the lines shown in the following chart according to what you are changing.

    Check a box in Part II, if applicable, for the Presidential Election Campaign Fund.

    Complete Part III, Explanation of changes.

    Sign and date the form.

    Hope that you find the above enclosed information useful. 04/18/2012

  • 9 years ago

    You need to do an amended return now.

  • Russ B
    Lv 6
    9 years ago

    Well, calling the IRS is one option (not the best). The best option is to file a 1040X and correct the mistake.

    If you can not file this form by yourself then I would suggest that you find a tax professional. If you call the IRS they will not have the information that a tax professional would have and the IRS DOES NOT represent you or your best interest.

    If you don't believe this try calling them several times...and see if you get the same advice twice. Many times trying to do something by yourself instead of paying a professional will end up costing you more in the long run.

    Hope this helps.

    Source(s): Enrolled Agent with 25+ years experience.
  • Anonymous
    9 years ago

    Yes, you can contact them and they will instruct you in making an amendment to your filed tax return.

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