Do I Need to File Taxes as a Dependent with Low Income?
Summary of User’s Issue and Solutions Discussed:
- The main problem reported by the user, Benji63, is whether they need to file taxes after making less than $100 in 2023, while being a dependent.
- Fidelity representatives suggested consulting a tax professional for personalized advice regarding tax obligations.
- They noted that taxes are applicable if securities are sold in a non-retirement brokerage account, which Benji63 confirmed was the case.
- Benji63 was informed that they may owe capital gains taxes on the sale of securities, and they can access their 1099 tax form for 2023 through Fidelity’s website.
Here’s the full thread
Since I made less than an $100 in 2023 and I am a dependent do I still need to file taxes?
Hello there, @Benji63. Thank you for reaching out with your question today. While we recommend speaking to a tax professional for specific questions, I can add that taxes are applied when you sell a security in a nonretirement brokerage account, or take a distribution in a retirement brokerage account.
Did you sell the security to make less than $100, or is the value of your investments up but you still own them? Please let us know; we’ll follow up with you here. 🟢
The money came from selling securities and dividends
Hi, @Benji63. What type of account did you make this money in? Was it a Fidelity Youth account?🟢
It was a Fidelity brokerage account
You may owe capital gains taxes on the sale of securities in a non-retirement brokerage account. We’ll report any capital gains on form 1099 – which you can access for your 2023 taxes by logging in to Fidelity.com and clicking “Accounts & Trade” then “Tax Forms & Information.” We recommend speaking to a tax professional for questions about filing and your specific situation. 🟢