do i need to file income tax?

2013-02-16 5:19 am
I'm a college student and is a dependent on my parent's tax return, I had been buying and selling stocks for fun but made less than 100 dollars on it. I received a 1099B form in the mail. Am I required to file income tax? Thanks!

回答 (5)

2013-02-16 5:30 am
✔ 最佳答案
"but made less than 100 dollars on it"

You need to report both parts of the transaction. This gives the NET income/loss.

You did not say how much your 1099 is. If you don't report it, the government only sees one side, the preceeds (how much you sold it for) and will tax you on that.

By reporting both the amount you paid (your basis) and the amout you sold it for (proceeds) you can show whether it was a gain (sold for more than you paid) or a loss (sold for less than you paid)..
2013-02-16 5:24 am
You have to file if your TOTAL income (earned + unearned) is at least $950, if you have investment income
2016-11-06 8:51 pm
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2013-02-16 6:55 am
Look at the 1099-B forms. Subtract the basis, but ONLY if shown on the 1099-B. If the total is less than $950, you don't have to file.
2013-02-16 5:24 am
If your 1099B, combined with all of the rest of your 1099s is less than $400, you do not need to file.


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