Forgot capital gain on 1040

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mountaingoatcos
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Joined: Sat Aug 19, 2017 5:11 pm

Forgot capital gain on 1040

Post by mountaingoatcos » Sun Apr 15, 2018 2:43 pm

I just filed my taxes on TaxACT, and found a 1099 - misc form that I forgot to attach. I had a long-term capital gain of $133 is that I did not report. I was wondering if I should submit an amended 1040 X right away or wait until I get my refund and then submit the return. I had heard that if I submit it right away it might cause some problems with two tax returns coming in at the same time. I am in the 25% tax bracket so the tax is going to be pretty minimal but rather than cause a problem I just want to do the safest thing with the IRS.

What do you think, file 1040x right now or wait until I get my refund and then file it and pay a small penalty?

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Pajamas
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Re: Forgot capital gain on 1040

Post by Pajamas » Sun Apr 15, 2018 2:51 pm

I would probably just wait for the IRS to send me a bill for it.

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Kenkat
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Location: Cincinnati, OH

Re: Forgot capital gain on 1040

Post by Kenkat » Sun Apr 15, 2018 2:54 pm

I would wait to receive your refund and then file a 1040X. You probably won’t have to pay a penalty.

jebmke
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Re: Forgot capital gain on 1040

Post by jebmke » Sun Apr 15, 2018 2:56 pm

Pajamas wrote:
Sun Apr 15, 2018 2:51 pm
I would probably just wait for the IRS to send me a bill for it.
I am inferring from the OP that the 1099 is a 1099-B, not a Misc since he references a capital gain. In that case, the sales value is what the IRS would figure the additional tax on, not the net gain. That potentially could get the OP in a letter cycle with the IRS to arrive at the correct number.

I'd wait a few days, file the amendment without penalty and if the IRS wants to assess interest and penalty on the $133 they will send you a bill for a small amount.
When you discover that you are riding a dead horse, the best strategy is to dismount.

Silk McCue
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Re: Forgot capital gain on 1040

Post by Silk McCue » Sun Apr 15, 2018 3:01 pm

Pajamas wrote:
Sun Apr 15, 2018 2:51 pm
I would probably just wait for the IRS to send me a bill for it.
I loathe finding mail from the IRS in my mailbox. It's even worse when I saw it in the new Informed Delivery Daily Digest from USPS showing such a piece was coming a week ago Thursday. We were leaving town for four days and and since our mail arrives at the end of the day I was able to ponder the contents while we were away. Ugh.

I would wait until the refund posts, which should be very soon, and then send in the amended return.

Cheers

mountaingoatcos
Posts: 17
Joined: Sat Aug 19, 2017 5:11 pm

Re: Forgot capital gain on 1040

Post by mountaingoatcos » Sun Apr 15, 2018 4:36 pm

Thanks for the replies. I'll wait until it posts.

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