Hello!
This is the first time for me filing myself, and kind of getting overwhelmed with what I potentially need or if I need to even file at all. I currently still live at home, and my family does not claim me as a dependent. I currently don't work for a place that gives me a w-2. For my "work" I do live streaming on Twitch. Which they sent me last month a 1099-MISC on the forum saying I have royalties of $125.42, with nothing else. I am also currently investing with Cryto currency (bitcoin), which I am buying and selling. Cashapp sent me a 1099-B, with my proceeds of $344.99, also with a broker's statement. Lastly, I just started mining crypto last week with no intentions of selling it. So here is my confusion on what other forums I could possibly need, and with my mining do I need to keep track my gains on it? I know this a lot of information, but any help would be great! Thank you in advance
If you could not be claimed as dependent by someone else for 2020, you should file a tax return if for no other reason than to receive the Recovery Rebate Credit (assuming you did not already receive the stimulus payments). Based on your income, you probably don't have to file, but you won't receive the stimulus/Recovery Rebate Credit if you don't.
For your crypto mining, you won't have a taxable event, until you sell or transfer for value, any crypto.
Thank you so much for your response! So on the point of not having anything taxable unless I sold/transfer. I think that's why Cashapp sent me the 1099-B because I did buy and sell, which had a proceeds of 344.99. Would I have to file that ?
Thank you again so much for your response!
visit the IRS at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
to find truly free filing.