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n917y
New Member

I started using the stock app robinhood it gave me a free stock and I sold that free stock. I've never worked. federal income tax withheld is 0 do I need to file taxes?

 
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3 Replies

I started using the stock app robinhood it gave me a free stock and I sold that free stock. I've never worked. federal income tax withheld is 0 do I need to file taxes?

I can guarantee that one free stock sale was no more than $5  which is WAY below any filing requirement for the feds or state. 

em139
New Member

I started using the stock app robinhood it gave me a free stock and I sold that free stock. I've never worked. federal income tax withheld is 0 do I need to file taxes?

I did the same thing, but I sold it for $7. I received a 1099 from robin hood, do I need to claim this on my taxes? 

gloriah5200
Expert Alumni

I started using the stock app robinhood it gave me a free stock and I sold that free stock. I've never worked. federal income tax withheld is 0 do I need to file taxes?

@em139 If you are filing a return, then you should report the 1099-B received on  your tax return for capital assets sold.

 

If the 1099-B only shows gross proceeds of $7 and that is the only income you received for the year, then you are not required to file a return.

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