The only income I made last year was $193 from selling free given stocks, do I still have to file a tax return?

Forum|Forum|3 years ago
February 26, 2023
1 reply
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I live in California and am single. TurboTax also says I have no tax due so do I actually have to pay $93 to file taxes on free stock income less than $200?

TurboTax Premier Online

Best answer by Vanessa A

Not everyone has to file a return. What you are reading is if you do file a return, you must include all income from all sources on your return. But, there are many people who do not have enough income to file.

Chances are, they will not contact you because of one 1099 with only $193 on it. If they received other forms like a W2 or other 1099's then they may contact you if your form totals are greater than your standard deduction.

If that is your ONLY income, you are not in the wrong by not filing. You would have no taxable income as the standard deduction is $12,950. Your income is well below that so you do not have a filing requirement with just the $193 as your only income.

Bsch4477

Employee

If that is your only income you don’t have to file. If a 1099-B was sent to the IRS and they have questions you can explain it then.

brrnerAuthor

@Bsch4477 Well if they do how would I explain it? Like is there a minimum amount that if I’m under I don’t have to file (If so what is it?) cuz just from googling I’ve also read that no matter how much income is earned you still must file. Or are you saying that i can probably just get away with it or am I guaranteed to not be in the wrong with the IRS? Sorry, just a bit of a weird situation. Also I believe a 1099-B was sent.