Or is it only if I make like $850 or something?
I don't have a job so would I have to fill out a W-2 or a 1040 or what
2007-09-21 06:35:36 · 15 answers · asked by Me 2 in Business & Finance ➔ Personal Finance
You are right about the $850. If you make more than $850, you have to either file your own return or file on your parents return. If you made between $850 and $8500, you can file with your parents. If you made more that $8500, you have to file your own return. And the form you file is a 1040. You can pick this up at your local post office. If you made less than $850, you don't have to file anything at all.
2007-09-21 06:49:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Only if you've sold the stocks and made a profit. I think you can probably get the tax form from the people that you trade through. I don't think it's a w-2 or a 1040. That's pretty good that you're 15 and you know what tax forms are though.
2007-09-21 06:52:44 · answer #2 · answered by Ryan 4 · 0⤊ 0⤋
You only have to file if you are taking the money you earned out of the stocks and not reinvesting them into the same stocks. There are a lot of rules with stocks and the IRS. You will not have a W-2 form, you will need to submit a 1040 form with the appropriate 1099 form you receive from your broker or investment firm. You may also be able to have this amount placed on your parents filing if they are claiming you as a dependent, which they most likely are. Go to the IRS website at irs.gov and look up and read the information on investments and returns.
2007-09-21 06:42:56 · answer #3 · answered by aswkingfish 5 · 0⤊ 1⤋
Yes you have to file a tax return (1040) at the end of the year. You have unearned income (income not from wages).
Your parents will be able to help you fill out the forms but you will have to pay income tax.
2007-09-21 06:43:04 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
See table 2 in pub 501 on web site 3. once you're a single based and additionally you have greater desirable than $850 you have a submitting requirement. by using fact the IRS does not comprehend the quantity of income you made you have a submitting requirement, they are going to discover out the gross sale quantity while the broking provider sends them a reproduction of your 1099B. you will would desire to report type 1040 and schedule D, capital effective components can not be reported on 1040EZ or 1040A in case you don’t report you will probable get carry of a CP 2000 word next summer time asking you for the return and what they think of is the tax. regrettably, the rates to pay somebody to determine this out will probable value greater desirable than the tax. Welcome to adulthood.
2016-12-17 06:57:28 · answer #5 · answered by ? 4 · 0⤊ 0⤋
All earnings are taxed in the US (up to a cap). Some people don't report their earnings but that's a personal decision.
Around January - February your stock broker will send you the forms to file in your taxes.
2007-09-21 07:06:28 · answer #6 · answered by Tumana 2 · 0⤊ 0⤋
if you have investment transactions - losses or gains, you have to file a 1040. You might not owe any tax, but you still have to file
2007-09-21 06:54:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You do not have to file taxes until you are 18.
2007-09-21 06:48:44 · answer #8 · answered by Renae L 1 · 0⤊ 0⤋
Uncle Sam cares not how old you are, my advice, unless you made a significant amount...ie: over $1000, don't file...even with that amount, I'd still consider not taking any action. Don't do as I would though, follow your gut, and perhaps contact the IRS for a better answer. I wouldn't give any personal information to them though....just in case...
2007-09-21 06:42:02 · answer #9 · answered by araknid80 2 · 1⤊ 1⤋
You are smart enough to make bank in the market but are unaware of the tax laws? Well, it is simple, 30% of all profit must be sent to me.
2007-09-21 06:41:02 · answer #10 · answered by unholycricket 5 · 0⤊ 3⤋