Not to worry, just file an amended tax return within the next week or two and have a tax professional to do this as it is fairly complicated. The IRS would not penalize you, but would generally assess interest to you based on the additional tax liability.
This is an inadvertent error on your part and the IRS would not audit you or assess huge fines, so please do not worry, omissions on the tax return are fairly common. But, voluntarily filing an amended tax return would result in the IRS abating the penalties for understating income! |