Solved: State's taxes for online investment on Robinhood?
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Returning Member

State's taxes for online investment on Robinhood?

I'm confused about whether I have to file state's taxes for online stock investments on Robinhood. Which state I should file taxes for (my residential state or Robinhood's state)? I just bought and sells several stocks last year, so I know I have a net gain. 

I'm not using Turbo, but I'll use Springtax to file my taxes for this year. Appreciate your answers!

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Level 15

State's taxes for online investment on Robinhood?

Robinhood is a financial services company.  You do Not file state tax return for the state where Robinhood is based.

You report investment sales on a federal tax return.  Any investment sales or losses are included in your resident state gross income on the resident state tax return.

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Level 15

State's taxes for online investment on Robinhood?


@ndnguyen wrote:

One more question which might be trivial. Do I have to file state's taxes for the states where companies I bought stocks from are located? Some companies' stocks I bought are from California. 


No.  You only have to file a nonresident state income tax return if you physically worked in another state other than your resident state.

Just because you own shares of a company that is based outside of your resident state in no way means that you have to file a state tax return for the state where the company is located.

View solution in original post

5 Replies
Level 15

State's taxes for online investment on Robinhood?

Robinhood is a financial services company.  You do Not file state tax return for the state where Robinhood is based.

You report investment sales on a federal tax return.  Any investment sales or losses are included in your resident state gross income on the resident state tax return.

View solution in original post

Returning Member

State's taxes for online investment on Robinhood?

@DoninGA Thanks! So I will need to fill my state's tax return including Robinhood's net gain? 

Level 15

State's taxes for online investment on Robinhood?

Any gains from an investment sale are always included as state income.  Your Sprintax agent should be able to assist you with the state return as well as the federal return, Form 1040NR.

https://www.sprintax.com/non-resident-alien-tax-1040nr-turbotax.html

Returning Member

State's taxes for online investment on Robinhood?

One more question which might be trivial. Do I have to file state's taxes for the states where companies I bought stocks from are located? Some companies' stocks I bought are from California. 

Level 15

State's taxes for online investment on Robinhood?


@ndnguyen wrote:

One more question which might be trivial. Do I have to file state's taxes for the states where companies I bought stocks from are located? Some companies' stocks I bought are from California. 


No.  You only have to file a nonresident state income tax return if you physically worked in another state other than your resident state.

Just because you own shares of a company that is based outside of your resident state in no way means that you have to file a state tax return for the state where the company is located.

View solution in original post

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