1.) I purchased $20 worth of Nokia stock in 2020 with Cash App. Do I need to report that? If so, can I do it with TurboTax Deluxe?
You do not need to report stock purchases on your tax return, just stock sales.
2.) Where can I figure out the percentage taxed on my income from UserTesting and Prolific?
Since ordinary income is all lumped together before bein taxed, the easiest way to do this is:
1. Write down the amount of tax assessed (line 18 on form 1040) with these two income items included. Also write down your adjusted gross income (line 11 on the 1040).
2. Now remove the two income items from TurboTax and look at line 18 again (this may involve deleting W-2s or 1099-NECs, or, at the least, setting the income boxes on those forms to zero.
3. Subtract the result of line 2 from line 1 - this is the difference in tax.
4. Divide line 3 by your adjusted gross income from line 1. This is "the percentage taxed on my income from UserTesting and Prolific".
5. THIS IS IMPORTANT - before you file, go back and undo the changes from line 2, that is, undo what you did!
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