CPA or anyone knowledgable with taxes

[tnmt]

I need to turn in on my income tax 281.00 that we cashed out of stock. I have a schedule D form but not sure where to put it and then where to put it on my 1040. never cashed out stock before. ughhhh....thanks

 

[tnmt]

bump

 

[Cheshire Figment]

Just get a Schedule D. If you had owned the stock more than a year start on Line 8; if less than a year start on Line 1. Just follow the line by line instructions, it should not be any problem.

It would not hurt to read the instructions for Schedule D; If you have a gain it will affect the caclulation of your tax, if a loss it will not.

Or, if you are usijng a program it will handle things automatically as long as you fill in line 8 (or line 1) correctly.

Mike (CPA Retired)

 

[mom2boys]

Go to www.IRS.gov There is all sorts of good info there including the instructions CPA Mike referred to.

 

[Glenn]

Besides needing to know what you sold your stock for you will also need to know how much you paid for it along with any expenses you had buying and selling it. The irs website is pretty easy to work with.