topic Nope. in Get your taxes done using TurboTax

Do i have to file taxes if i was unemployed all of 2018, however I sold some stocks?

jeepin4fun911 — Sat, 01 Jun 2019 20:51:40 GMT

Any unemployment comp?

SweetieJean — Sat, 01 Jun 2019 20:51:41 GMT

Any unemployment comp?

Nope.

jeepin4fun911 — Sat, 01 Jun 2019 20:51:42 GMT

Nope.

If your income is over the filing requirement, you do hav...

Coleen3 — Sat, 01 Jun 2019 20:51:43 GMT

If your income is over the filing requirement, you do have to file. If you are a dependent, you requirement is $1050. For non-dependents, see below. You have to go by the gross proceeds, not the gain on the stocks.

Single Under 65 $12,000

65 or older $13,600

Married filing jointly

Under 65 (both spouses) $24,000
65 or older (one spouse) $25,300
65 or older (both spouses) $26,600

Married filing separately

Any age $5

Head of household Under 65 $18,000

65 or older $19,600

Qualifying widow(er) with dependent child

Under 65 $24,000
65 or older $25,300

What do you mean by gross proceeds? And I take it as sto...

jeepin4fun911 — Sat, 01 Jun 2019 20:51:44 GMT

What do you mean by gross proceeds? And I take it as stocks are considered income? It was my only source of income. Single, under 65 and I think I sold $15000 in stock. So judging by that, I'd have to file?

Yes, the gain from the sale of stock is income. You are r...

Coleen3 — Sat, 01 Jun 2019 20:51:46 GMT

Yes, the gain from the sale of stock is income. You are required to file since your income exceeds the filing requirement by $3000.

Darn, How about mortgage interest I paid? Will I get any...

jeepin4fun911 — Sat, 01 Jun 2019 20:51:47 GMT

Darn, How about mortgage interest I paid? Will I get any of that back? I believe I read that I won't because stocks are considered "Passive Income"

If your itemized deductions are more than your standard d...

Coleen3 — Sat, 01 Jun 2019 20:51:48 GMT

If your itemized deductions are more than your standard deduction of $12,000, then they will lower your income and you will pay less tax. If your gross proceeds are $15,000, at most you will pay tax on $3000. You may have losses on some of your transactions that will leave you with little or no taxable income.