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Level 2
posted Jan 20, 2021 9:47:21 PM

Should I report $40 in Dividends?

I invested in dividends last year and I made $40 overall. I read somewhere that it's not worth reporting that amount, and I'm just wondering if it's okay to submit my tax return like that. I still haven't received a dividend tax form from 2020 in M1 Finance.

0 4 1197
4 Replies
Level 15
Jan 20, 2021 11:20:45 PM

if this is your only income for 2020, your income is below the filing threshold. 

Level 2
Jan 20, 2021 11:27:54 PM

My income is around $13,000 for the year and so the $40 seems too unimportant, but I want to make sure it is ok to not report them when I file:)

Level 15
Jan 20, 2021 11:31:14 PM

no reportable income is too small. that $40 could push your income into the next higher tax amount. report it. 

Level 15
Jan 21, 2021 12:08:07 PM

Based on your income, you may be required to file a return  And, if you're required to file a tax return, then you're required to report your dividends, no matter how small. 

Please see the TurboTax Help article Do I need to file a federal return this year? to see if you need to file.