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New Member
posted Feb 19, 2020 5:16:31 AM

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
Level 15
Feb 19, 2020 5:29:00 AM

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. 

New Member
Feb 17, 2021 8:11:49 PM

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? 

Expert Alumni
Feb 21, 2021 3:41:14 PM

@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.