And is so what %
Plus what forms will I have to fill out
2007-09-20 17:29:52 · 8 answers · asked by Me 2 in Business & Finance ➔ Taxes ➔ United States
You must file if your unearned income (interest, dividends, capital gains...) is more than $850. Once you have income from stocks and mutual funds, your parents cannot elect to include your income in their return.
You file Income Tax return Form 1040 and schedule D (Form 1040) Capital Gains.
2007-09-20 22:53:11 · answer #1 · answered by MukatA 6 · 1⤊ 0⤋
Yes you do. The percent tax will depend on how much you make, but won't be over 15%. You'll fill out a 1040 and a schedule D.
2007-09-21 00:37:05 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
YES -- either the brokerage office, or the firm you hold stock in will send you a 1099 form around the end of Janurary. They also send a copy to the IRS
2007-09-21 00:38:56 · answer #3 · answered by jimdotedu 5 · 0⤊ 0⤋
unless the law has changed... have no clue if so..
but use to be years ago.. that minors could make up to a certain amount without having to file..
and then if that amount was exceeded then it could be applied or added to the parents income
2007-09-21 02:58:44 · answer #4 · answered by pokerfaces55 5 · 0⤊ 0⤋
If you make a small amount, no. See the standard deduction for dependents table at www.irs.gov.
2007-09-21 01:17:03 · answer #5 · answered by trbessie 3 · 0⤊ 0⤋
yes
2007-09-21 01:33:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes
2007-09-21 01:27:29 · answer #7 · answered by john 7 · 0⤊ 0⤋
yes..................depends on how long you held them and where you live...............
2007-09-21 00:37:36 · answer #8 · answered by richard t 7 · 0⤊ 0⤋