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New Member
posted Feb 20, 2021 10:55:50 AM

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?

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2 Replies
Level 15
Feb 20, 2021 11:07:41 AM

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.

Level 1
Feb 20, 2021 12:06:54 PM

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.