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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. 😉
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. 😉
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?
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.
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