Cynthiad66
Expert Alumni

Deductions & credits

It depends.  The information provided does not give enough information to make the determination on whether you need to file.  However,  if you are required to file a tax return and your children are qualified dependent, then you can claim your children.  According to IRS rules, child support received doesn't count as taxable income and not required to be on return.  But, if you sold stocks at a profit, you may owe taxes on gains from your stocks.

 

The email received which suggests filing must have information on the stocks sold and income received.  Without specific information I would be speculating on whether you have to file.   Although you may not be required to file a tax return, you may still want to file a tax return if you had any withholdings that can be refunded, or if you qualify for any refundable credits.

 

You can use TurboTax FREE to determine whether you need to file.  Use this link to choose the TurboTax product  to prepare your tax return.  You start for free and only pay if you need to file.  

 

Use this link for Rules for Claiming a Dependent on Your Tax Return

 

Is Child Support Income

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"