I'm not sure if I should file Taxes or not, I was unemployed for all of 2020 but did sell some stocks (only about $400 worth). I'd really appreciate any advice!

I didn't work at all during 2020 but do have a Robinhood account in which I sold some stocks (about $400 gain) and some Dividends (about $15 total for the year). Since this is such a low amount of "income" I'm hesitant to file Taxes because it will cost me $75 for the Deluxe Turbo Tax Filing. I'd really appreciate any advice!

1649

Level 15

Mar 25, 2021 4:18:22 PM

Did you receive unemployment comp or any other type of income?

Level 3

Mar 25, 2021 4:24:26 PM

I don't know the rest of your situation.

Did you collect unemployment?

Do you have children?

etc.

You should also be able to use the free version.

Level 2

Mar 25, 2021 5:13:43 PM

No, I didn't collect unemployment at all and I don't have any children. Not married either.

It makes sense to use the free version but since I technically have "investments" TurboTax recommends me that I use the Premier Version...

Level 15

Mar 25, 2021 5:19:26 PM

If you are not a dependent and are single then unless your taxable income exceeds $12,400 a Federal tax return is not required (state limits might be different).

Level 2

Mar 26, 2021 7:19:01 AM

Thanks so much, would you recommend that I check with my State just in case then?

Level 2

Mar 26, 2021 7:20:05 AM

No, not at all! I didn't receive any sort of aid from the Government or any organization

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I'm not sure if I should file Taxes or not, I was unemployed for all of 2020 but did sell some stocks (only about $400 worth). I'd really appreciate any advice!