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Old 11-04-2015, 01:55 PM
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filing 1099 for online stock investment

Hello I recently did STASH, an online investment for simple stocks and investments. If i am a dependent under my family, and I have to file a 1099 form. does that affect me and my family? If invest 30 dollars. and it gained lets say for example sake, 5 dollars. and by the end of the year and when i file taxes, I have to file the 35? and if I lost money but it went down to 25. I still file for such small amount? I am unclear of the procedure here and was told on the website that I have to file a 1099 form when they present that to me in february 2016. Can some one enlighten me on the full procedure.

Thanks for your time. Any help is appreciated. I am very new to this.



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Old 11-05-2015, 12:00 AM
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Hello I recently did STASH, an online investment for simple stocks and investments. If i am a dependent under my family, and I have to file a 1099 form. does that affect me and my family?========>>You still need to file your return as a dependent and are still be claimed by your family member’s return.For example, if you have only earned income , then you must file a return only if the total is more than your standard deduction for the year ,$6.3K in 2015.Ib=n your case, if you have has only unearned income, I mean your investment portfolio income, must file a return if the total is more than $1,050 for 2015.

If invest 30 dollars. and it gained lets say for example sake, 5 dollars. and by the end of the year and when i file taxes, I have to file the 35?==>No; you need to report your capital gain, either long term or short term; however, if your tax bracket id lower than 25%n then you pay no long term capital gain tax on your long term capital gain.however, Short-term capital gains are taxed at your ordinary income tax rate and are defined as investments held for a year or less before being sold.

and if I lost money but it went down to 25. I still file for such small amount? =====>Yes as you need to claim your capital loss; Any calculations you make shoud be entered on IRS form D/ form 8949. You will be limited to a maximum of $1.5K as single filer.

• I am unclear of the procedure here and was told on the website that I have to file a 1099 form when they present that to me in february 2016. =====>>No unless you are a professional dealer, you do not need a 1099 or Sch C of 1040 for your capital gain from your portfolio investment, but you need to file Sch D of 1040 / Form 8949 and report the gain on your 1040. Professional traders need to report trading gains and losses on Sch D/form 8949, just as you would if you were filing as an investor, So traders . need to report the allowable deductions associated with your trading business on Sch C. In Box A on this sch C , they will describe themselves as "securities traders." Sch C generally doesn't have any income on it because their income is capital gain on Sch D/f8949. The total of their trading deductions shows as a loss, which carries to line 12 of Form 1040, reducing the amount of tax they pay on trading gains or other income.



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Old 11-05-2015, 12:24 AM
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Join Date: Nov 2015
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Hello WnHough! Thank you for taking the time to respond. I just want to clarify what you just told me. So If deposited 30 dollars into this online investment stock and by February or when we start filing taxes, my portfolio just goes up let's say to 50 dollars. That is considered unearned income and I won't need to file it if my total return is not greater than $1,050. (I have no earned income and am just a student). But I still have to file it with form 8949?

Sorry if I am slow about this, just want to make sure I get this straight. Thank you for being patient and understanding.



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