Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
alyssamueller
New Member

I sold some shares from my mutual fund. I do not owe tax on it because I don't make enough money. Do I still have to report it? It's the difference between a free filing

or having to pay $70 to file my return.
1 Best answer

Accepted Solutions
DawnC
Expert Alumni

I sold some shares from my mutual fund. I do not owe tax on it because I don't make enough money. Do I still have to report it? It's the difference between a free filing

No.  You only have to report it if you are required to file a tax return.  Check this chart.  If you did not make enough to be required to file, you do not have to file a return and can save the $70. 😉 

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

View solution in original post

3 Replies
DawnC
Expert Alumni

I sold some shares from my mutual fund. I do not owe tax on it because I don't make enough money. Do I still have to report it? It's the difference between a free filing

No.  You only have to report it if you are required to file a tax return.  Check this chart.  If you did not make enough to be required to file, you do not have to file a return and can save the $70. 😉 

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

I sold some shares from my mutual fund. I do not owe tax on it because I don't make enough money. Do I still have to report it? It's the difference between a free filing

Thank you. I have to file a return because I am getting back the tax I paid - $232. I can file a free return if I don't have to report the mutual fund sales. Will I get in trouble for not listing the sale, even though I would still be under the reporting threshold?

DavidD66
Expert Alumni

I sold some shares from my mutual fund. I do not owe tax on it because I don't make enough money. Do I still have to report it? It's the difference between a free filing

You can file without reporting the sale of mutual funds; however, the IRS may contact you about the sale.  If so, you can reply in writing and explain that you you weren't required to file due to your income (including the gain on the sale of the funds), and you filed in order to receive a refund of tax withheld.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v