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April 18, 2022
Question

Hi so I’m a full time student, so I don’t have a job but I own crypto. Do I still need to do taxes or not?

  • April 18, 2022
  • 1 reply
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I know the deadline is in a day but I need to know if I have to or not

1 reply

Hal_Al
Employee
April 18, 2022

It depends on whether you made an profit (capital gains) from trading Crypto.  A dependent   must file a tax return for 2021 if he had any of the following:

  1.          Total income (wages, salaries, taxable scholarship etc.) of more than $12,550 (2021).
  2.          Unearned income (interest, dividends, capital gains, unemployment, taxable portion of 529 distribution) of more than $1100.
  3.          Unearned income over $350 and gross income of more than $1100
  4.          Household employee income (e.g. baby sitting, lawn mowing) over $2300 ($12,550 if under age 18)
  5.          Other self employment income over $432, including money on a form 1099-NEC

If you are not a dependent, then the filing requirement is $12,550, except the $432 rule still applies for self employment. 

 

Even if you had less, you may want to file if you received form 1099-B for large amounts of sales, as the IRS gets copies.