This may seem a ignorant question but I really need help. I am a 19 year old college student who does not much know about taxes or claiming investments. I recently made an investment through a fellow stock investor and I am set to receive an estimated $60,000. I have never filed for taxes and know nothing about these kind of things. I am unemployed since I am a full time student but I am just curious to what I am going to claim this investment I receive back as. How much am I going to be taxed? Since I don't work, what am I going to claim as? Someone please help guide me in the right direction thank you so much!
I recently made an investment through a fellow stock investor and I am set to receive an estimated $60,000.
1) What do you mean by "made an investment through a fellow stock investor"? Most people make investments through licensed securities dealers (i.e., stock brokers and the firms with which they are associated).
2) How much did you invest? $60,000 seems like a huge return in less than a year, particularly for a 19 year old college student, unless you also made a huge investment (like, for example, $50,000).
1) Make SURE you are NOT getting scammed in some way, shape or form. The scenario you laid out does not pass the smell test.