irs question?

Question

N 2006 I MAKE SOME PROFIT I$ 1500.00 IN STOCK DO IHAVE TO SHOW THAT MONEY IN MY TAX RETURN AND HOW MUCH TAX IHVE TO PAY IRS.

Answer 1

Yes, you have to file on that income. Without additional information I cannot tell you how much you have to pay. Your total taxable income, including this profit, will determine the rate of tax you owe. You can go to the IRS website:
www.irs.gov and do a search for tax table to get an estimate of what you will owe. If you have held the stock more than a year you will pay a flat 15% otherwise it is a short term gain and that rate depends upon how much, in total, you earned.

Answer 2

You did not say that you sold the stock. If you did sell some stock in 2006 then you need to amend your 2006 taxes to include completing a Schedule D. You need to amend your 2006 taxes because you did not indicate all of your income. You will need to have the original cost of the stock and was it held long or short term. It matters because of different rates.
You may want to see H & R Block on this issue.

Answer 3

Yes, when you file your tax return, you report the gain on Schedule D. If you held the stock more than one year it is a long-term capital gain. If a year or less, it is short-term. How much tax you pay depends on your other income. The capital gains tax is lower than tax on ordinary income.

Answer 4

You will show it on a schedule D as part of your 1040 return.

If this is a long term capital gain (you owned the stock for at least one year and a day), you will be taxed at 15% maximum.

Answer 5

the 1500 is taxable depending on ur tax rate.if u sell stock that has a 1500 loss you will offset the profit.can take a loss up to 3000 on ur tax return

Answer 6

Are you sure you mean 2006? If so, your return is past due. You should file right away.

Answer 7

you have to show that in your tax return, what you owe
depends on your tax bracket and if it is a long or short
term capital gain. call the toll free number of the
irs, they will help you free of charge.