Federal 2010: Qualified Small Business Stock Reinvested in Other Small Business Stock

You may be affected if ALL of the following are true:

1. You filed a tax return prior to February 17, 2011, AND
2. You had qualified small business stock that you held for 6 months or less AND
3. You sold the qualified small business stock in 2010 for a gain AND
4. You reinvested in other qualified small business stock (and choose to defer paying tax on your gain).

If you are affected, you may have underpaid your federal tax. You will need to amend your federal tax return and may possibly need to amend your state tax return.

If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2010: Qualified Small Business Stock.

Let us do the work for you. We highly recommend this. 

1. Please download and print this Authorization Form.
2. Complete the form and fax it to us at the number printed at the top of the form.
3. A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
4. You can print, sign and mail the corrected return to the IRS.

Or you can make the corrections yourself. However, the amend process can be complex. 

• To do it yourself, please follow these step-by-step instructions.
  • Amending your federal return
  • Amending your state return
• After your make the changes to your tax return, you will need to mail a copy of 
  • Your federal return to the IRS and
  • Your state return to your state tax authority, if your state return is affected
• Your printed returns will include instructions on how and where to mail them.
• If you need assistance, call us at the phone number in the TurboTax email.