In 2022 I deposited $90 into a stock app, Received $5 in bonuses, $0.01 in dividends, and $2 for mini class. I earned $10 total but mostly lost. Do I need to file?

lior-bshalom · ‎January 27, 2023

In 2022 I only added money. This month I took out the remaining funds of $48. I signed up with no specific goal just to try and see what exactly the market is, hence the small amounts. Thanks!

JamesG1 · ‎January 29, 2023

If you constructively received the income in 2022, the IRS says that the income should be taxed on the 2022 Federal 1040 tax return.

Likewise, if you invested $90 and withdrew $48, you may be able to report a loss on your investment.

Given the small amounts, the stock app may or may not provide a report or tax reporting documents.

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JamesG1 · ‎January 29, 2023

If you constructively received the income in 2022, the IRS says that the income should be taxed on the 2022 Federal 1040 tax return.

Likewise, if you invested $90 and withdrew $48, you may be able to report a loss on your investment.

Given the small amounts, the stock app may or may not provide a report or tax reporting documents.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

lior-bshalom · ‎January 29, 2023

Thank you!

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In 2022 I deposited $90 into a stock app, Received $5 in bonuses, $0.01 in dividends, and $2 for mini class. I earned $10 total but mostly lost. Do I need to file?