I am the Single college tyro in California. I do not have any job, so i am not stating tax. If i have a little income from investment..let contend Stock (buy as well as sell from scottrade), how do i inform that?? How most distinction is indispensable in sequence to report?? If i detriment money..do i still report??
Thank you
{ 3 comments… read them below or add one }
It will be reported on a 1099 by Scottrade. You need to file a 1040 with Schedule D.
If your income is more than the filing requirement, then you must file. For 2007 for Single dependent if the it is $850 (for unearned income) and for Single (and no one can claim you dependent) it is $8,750.
If you have a loss from stocks, then you file only if you have other income and want to take the loss deduction.
Even though you may not be required to file, you should file a tax return in any case, even if you have a loss. If you do not, the IRS may compute your tax based on incomplete information, showing that you had gains that you did not. The IRS does not know the basis of your stocks.
If you have a loss with no income to offset it, you may carry that loss forward and use it to offset next year’s income. But only if you file.
File Form 1040 and attach Schedule D.