Im a student and have no job or income to report this year. However I do have a couple stocks including dividend stocks. I received my 1099 form from Robinhood but my capital gain was only $3 should I still report such a low number? If I do report, this would be the only thing I’d be reporting would that be a problem?
No, you do not have to file a tax return as your income is below the threshold for filing.
Hey thanks, but unfortunately I went ahead and submitted my tax return before reading this. Is there anything I should be worried about?
No. If you filled out your taxes correctly, there is nothing your should be worried about.
It’s possible you would have had to have filed anyway even with a $3 capital gain. The 1099-B shows gross proceeds, not the amount taxable, so IRS may think you made more money than you actually did.