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steven145619
New Member

If my father claimed me as a dependent on his tax returns, can I still file my own taxes for selling stocks as a dependent?

I want to file my own taxes for selling stock off Robinhood this year. My dad already did his taxes and claimed me as a dependent.  I only made $800 from stocks so can I still file my taxes as a dependent even though my dad already did his taxes and claimed me as a dependent on his?
2 Replies
fanfare
Level 15

If my father claimed me as a dependent on his tax returns, can I still file my own taxes for selling stocks as a dependent?

Whether a dependent or not, you still file stock sales the same way.

you need to file if you want to carryforward any losses.

 

If you had no other income you are below the threshold requiring you to file.

cstatwood
New Member

If my father claimed me as a dependent on his tax returns, can I still file my own taxes for selling stocks as a dependent?

Yes, but you can't claim your own exemption.  Somewhere early in the process you will be asked if someone else can claim you as a dependent, and you must answer that YES.  This means you don't get the same standard deduction that a non-dependent would get.

Also, if your unearned income is higher than some threshold (I think $2200), you will be taxed at your father's rate.  (It's called the "kiddie tax," and was designed to keep rich parents from avoiding taxes by putting investments in their children's names.)  Presumably your tax software will catch this if it needs to, and guide you through it.  With the low income you mentioned you don't have to worry about that.

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