http://www.irs.gov/pub/irs-pdf/f1040sd.pdf

One the Schedule D, the description of the property, I made a typo. But the numbers are correct.

Should I amend my return? Or wait until the IRS to question it? Again, it does not change my taxes or any numbers. I just don't want a type to trigger an audit.

The description is sort of a free form, right? They give you an example of how they want you to type it, but it's not a requirement, right?

Let me just throw out some examples of descriptions, and tell me what you think.

1. "Time Warner Co."

2. "TMC"

3. "200 Shares of Time Warner Inc." (Correct way)

4. "200 Shares of TMC."

5. "200 Shares of TWC."

The correct symbol could be TWX for Time Warner Inc, and TWC for Time Warner Cable.

The above is just an example.

Which of the above you think would require me to do an amendment of my tax return?

Is an amendment always = an error, or can it be a clarification? Or am I just being paranoid?

 

That stuff is a pain in the ass. The best thing to do is import that stuff rather than type it in. Quicken downloads all that stuff from my broker. I followed my tax software's instructions on how to export that info out of Quicken and into the tax software. I verified it all and was very pleased. I will never do manual entry again.

To answer your question if you have the amount of shares and the symbol right it's fine.

FWIW my tax software imported the items in this format "100.000 Coach Inc Com"

 

Wait till you get your refund, or if you don't have one you can submit it, but I personally wouldn't submit an amended return for a typo of a description. Now if it was a monetary error then I'd submit an amended return.

 

I recall helping a relative with an IRS question. The letter would say "the amount due is subject to penalty and interest." Making a mistake is not an excuse - on taxes due.

If it's a typo of the description, they questioned it, and I provide an explanation and admit that it was a mistake. My bad.

There should be no penalty and interest, because there is no additional taxes due, right?

 

If your numbers are correct then I think you are fine. If I received a dividend from Apple stock of $100, but I spelled it Appel on my return they won't care IMO.