tax planning issues
What about the taxes for the dividends?
I’m planning to open a brokerage account. I’m 19 and have some money to invest for the long term. I will be at college in the fall and I don’t work. So the dilemma now is about the taxes for the dividends. i will be investing in stocks that pays dividends and will reinvest them to get more shares. but I’m clueless about the tax issues and how should I file them. Do I need to file it on my own or do I need to consult my parents because i’m dependent?
File on your own. While your parent can file your income as a dependent, it isn’t advantageous to them.
You will receive a 1099 that will list all the dividends paid, along with sales of stock, if any, and interest paid, from your broker. Depending on the amount, those go on Sch-B and/or Sch-D, or right on the 1040 forms. Tax rules might change this year (Democrats in congress) so I won’t quote numbers, just refer to the instructions.
TAX ISSUES: Tax Planning
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