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Want to know if I have to pay taxes since I’m a student and own stocks and bought them with student loans cause I don’t work and had dividends and very low capital gains?

 
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5 Replies

Want to know if I have to pay taxes since I’m a student and own stocks and bought them with student loans cause I don’t work and had dividends and very low capital gains?

You used your student loan money to buy stocks?
Any scholarships or grants?
And how old are you?

Want to know if I have to pay taxes since I’m a student and own stocks and bought them with student loans cause I don’t work and had dividends and very low capital gains?

To find out what's allowed, check your loan agreement. In some cases, there are restrictions

Want to know if I have to pay taxes since I’m a student and own stocks and bought them with student loans cause I don’t work and had dividends and very low capital gains?

I believe there are no restrictions as to what I can do with that money as long as I lay it back when I finish studying, I’m 24 and got no grant or scholarship since I used my fafsa on undergraduate and I’m currently studying medicine

Want to know if I have to pay taxes since I’m a student and own stocks and bought them with student loans cause I don’t work and had dividends and very low capital gains?

If you are not claimed as a dependent by anyone else, the filing requirement is $10,400 of income, including dividends and capital gains. If you have less, you do not need to file a tax return.

One caveat: if you received forms1099-B  for more than $10,400, it could be a red flag to the IRS and you may want to file anyway to ward off an IRS inquiry. 

Want to know if I have to pay taxes since I’m a student and own stocks and bought them with student loans cause I don’t work and had dividends and very low capital gains?

Thank you very much for clarifying this to me!!

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