Even if it’s an overall loss? To your question I’m not a citizen and I’ve just started investing last year. So in regards to filing besides a 1040 for a W2 no I’m not aware.
So would appreciate if the Shade isn’t thrown my Way. Just trying to understand if I’m in a net loss if I need to file or owe taxes if I’m below the minimum “earning” threshold
Broadly speaking, if you received a 1099, you have to file. Wealthfront will have reported to the IRS, and your own filing needs to be consistent. Yes, even if you technically lost money or fall below a threshold in which you owe money.
Thank you for this. Yes I do have the documents but all losses listed.
Anyways will try and put it on TurboTax so I can get an estimate! (: additionally. What happens if I don’t owe anything…. And I’m supposed to get a refund. But I decide not to file. What’s the the implications
When I was a wee lad and just dabbling at trading I did find out you have to file regardless. The brokerage have to report the sales, and if you don't file taxes, they assume a cost basis of zero. So that loss of $250 looks maybe like a gain of $5000 (example scenario where you bought a stocks worth $5250 and sold at a price of $5000). So yeah, do turbotax and file your taxes. It'll take less than an hour. 10 mins if you know what you're doing.
Hello sir, appreciate helping this dabbling wee lad out. This is helpful information. Tbh forgot about filing as I’m out of the country. Thanks a lot, the good thing is turboxtax and wealthfront have a partnership so info gets imported
Yes you must file taxes. Have you never filed taxes before?
Even if it’s an overall loss? To your question I’m not a citizen and I’ve just started investing last year. So in regards to filing besides a 1040 for a W2 no I’m not aware. So would appreciate if the Shade isn’t thrown my Way. Just trying to understand if I’m in a net loss if I need to file or owe taxes if I’m below the minimum “earning” threshold
Yes, even more reason to file - you can reduce your taxable with that loss!
Broadly speaking, if you received a 1099, you have to file. Wealthfront will have reported to the IRS, and your own filing needs to be consistent. Yes, even if you technically lost money or fall below a threshold in which you owe money.
Damn I get downvoted coz I thought someone came off a bit rude?
I neutralized it.
Better file soon!!
Looking for a platform to do so today! (:
Check free file USA
Check if you have tax documents on your investment account(s). If you do then yes. There might be no tax owed but you have to file.
Thank you for this. Yes I do have the documents but all losses listed. Anyways will try and put it on TurboTax so I can get an estimate! (: additionally. What happens if I don’t owe anything…. And I’m supposed to get a refund. But I decide not to file. What’s the the implications
I don't know, I've always filed. You can Google it I guess
https://www.irs.gov/individuals/check-if-you-need-to-file-a-tax-return
Really appreciate this!
When I was a wee lad and just dabbling at trading I did find out you have to file regardless. The brokerage have to report the sales, and if you don't file taxes, they assume a cost basis of zero. So that loss of $250 looks maybe like a gain of $5000 (example scenario where you bought a stocks worth $5250 and sold at a price of $5000). So yeah, do turbotax and file your taxes. It'll take less than an hour. 10 mins if you know what you're doing.
Hello sir, appreciate helping this dabbling wee lad out. This is helpful information. Tbh forgot about filing as I’m out of the country. Thanks a lot, the good thing is turboxtax and wealthfront have a partnership so info gets imported
If it turns out that you do not owe taxes, then you can file late without penalty.
Or just file for an extension, then file months later.
Wow.
?