Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I came across a news report yesterday that one of the biggest headaches for the IRS this year is that many taxpayers who are required to are neglecting to file Schedule D to report their capital gains. This is because, due to recent changes in the tax laws, this year about 5 million people who are required to file Schedule D were not required to do so last year. Even worse, the changes created a tortured tax structure that requires such difficult calculations that even the congressmen who designed the code are reportedly confused by it.

Bottom-lining it: Last year, if your capital gains distributions were below $300, you did not need to file Schedule D. This year, you do. Thanks to this snafu, the IRS will be sending back 1,000,000 returns to taxpayers this year to correct the oversight.

Be careful out there, Fools.

Print the post Back To Top