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February 13, 2024
Question

If I open a Robinhood account wil it affect my taxes even if I don’t buy stocks?

  • February 13, 2024
  • 1 reply
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1 reply

February 13, 2024

Simply opening an account to save money would not affect your taxes.  It would not be a tax-advantaged account like an IRA.  The only time your taxes would be affected would be if the account earned interest, or you invested in stocks and received dividends, or if you sold a stock you had purchased.  These are income items that would need to be reported on your tax return.

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