[mkorte]

I apparently filed my taxes wrong in 2007 and now I apparently owe over 9,000 dollars to the IRS. I am not good at filing, I will admit, but I went through Turbo Tax to help prevent an audit. I think it was my stocks though my financial institution that were not submitted. Now I got a letter from the IRS and don't know the steps to take to hopefully fix this huge bill. Also, I moved and lost some of my tax info from past years, can I get this information from previous employers and financial institution? I am worried that I will have to pay for something I really didn't mean to do and 9,000 is a ton of money that I cn't pay right now.

[ebaines]

It sounds like there is a mismatch in what you reported on Schedule D or Schedule B versus what your broker submitted, either in the 1099-B forms that report sales activity, or 1099-DIV forms that report dividends and capital gain distributions. You should carefully compare all statements, 1099-B, and 1099-DIV forms you received from your broker against what you reported on your taxes and what the IRS is claiming you failed to report. For example, make sure that the total of all sales reported on your Schedule D equals the sum of all 1099-B's; if the two don't agree then the IRS will assume the worst - that whatever you didn't report has a cost basis of $0. If you've lost your statements or 1099's you can probably download them from your broker's web site.