Greetings! My son started trading in 2022 for the first time. I claim him as a dependent but will file a separate return for him with all his stock trades.
For convenience, I took a copy of my own 2022 return (with my wife, myself, and my son's info) and deleted my wife's and my information. I kept my son's info and added his stock trades (well over 100 entries).
QUESTION: Is it possible to delete the 2021 (side-by-side) info that transferred from my own return since it has nothing to do with my son's 2022 return?
QUESTION 2: Is it possible to transfer his stock trades into a new return so that I don't have to re-enter them?
THANKS for your help!
Peixes
Sorry no to both. You should start a new return for your son. You can't just copy yours. You can't remove all your info. Go up to File - New. Maybe you can download and import his stock sales to his return.
Be sure to save frequently, go up to File-Save or Save As. Save each return with a name you can tell apart from another one. Especially if another return has the same name or initial. Like a father and son. Or if you have the same name the second return might overwrite the first one.
No you can't delete the 2021 info that transferred over. And you should not copy your return to change it to be for him. That probably won't work. You can't find all the things to delete about your return.
Sorry no, you can't transfer just part of a return. Maybe you can import his stock trades from the brokers. You really should start his return as a brand new return, go up to FILE - NEW.
Have him enter all the tax info and trades. Be a good learning experience. Be sure on his return he checks the box that says he can be claimed on someone else’s return.
Oh, how old is your son? Is he a full time student? If his income is over $4,400 you might not be able to claim him.