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Question

My daughter, who is 19 and a FT student: Dividends and CG of $722 1099-B with Net proceeds of $9,500 and gain of $70,Earned income of $700 in 2018 Does she need to file?

Forum|Forum|7 years ago
June 1, 2019
1 reply
10 views

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A

Anonymous

Yes, but only because the IRS will see the net proceeds from the 1099-B. In order to show only the gain, she will need to file a return. If her earned income is on a Form 1099-Misc Box 7, it would also require her to file. The income would have to entered on Schedule C.

Dependents: Your standard deduction may be reduced if you are claimed as a dependent on another person's tax return. If you were another person's dependent during a Tax Year, your standard deduction will generally be limited to the greater of $1,050 or your earned income plus $350 up to $12,000.