Is there anything I should know before filing my (stock taxes)? I've never filed taxes before, currently a full-time college student. I use money from aid to invest.
Is there anything I should know before filing my (stock taxes)? I've never filed taxes before, currently a full-time college student. I use money from aid to invest.
It doesn't affect your reporting where the money your used for investment came from. The factors that determine whether you owe federal income taxes or must file a federal income tax return include the amount of your earned and unearned income. If your unearned income (investment) is more than $1,100, and your earned income (wages) is more than $12,400 you must file tax return.
Being a full time student you should be very careful with your filling status. If you parents or someone else paid more than half of your support in 2020, you must indicate that you're a dependent on your tax return. If you file independent, you must report a substantial income on your tax return.