Do I have to file a 1099-B for $7 of a stock I didn't buy?

[dxvalenz]

First time doing taxes. I briefly checked out the Robinhood brokerage app, and they gave me a free share of a stock for downloading the app. I just sold the stock for $7 as I didn't particularly want it. Did not acquire any other stock. However, if I were to file this $7 as income from stock with 1099-B, TurboTax wants me to fork over $100+ of money that I don't have as a college student just so I can report this small income. How do I handle this? Can I just report it as other income? Or is there better ways to handle this?

[Hal_Al]

Yes & no.

Reporting it as other income will make you even tax wise. But will not match the IRS computer which expects to see it on Schedule D.  But, it's unlikely you'll get an IRS notice, over $7,  and if you do, you'll be able to explain it.

TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition).  It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The Free file Edition can handle a 1099-MISC.

The Free file Edition is more fully-featured than the regular Free Edition.  The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot. 

For Free File Edition a user needs to meet only ONE of these qualifications:

•      AGI of $36,000 or less
•      or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2019 AGI of $69,000 or less
•      or eligible for the Earned Income Credit (EIC aka EITC).

The FREE FILE Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Free file Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition