Alright, so, I have a job that I don't think I made enough money to file taxes for. I live in California, I'm a first year college student, and my parents still claim me as a dependent on their taxes since I still live at home and they pay for my college.
Here's a picture of the portion of my W-2 which shows how much money I made. From my understanding, I would have to make $12,200 in a year in order to file taxes, but I made less than that... so I don't have to file taxes at all?
I have an ETRADE account which I have only purchased stocks on. I've never sold any positions, but my unrealized gain is +50% in the past year (about $3,200). I don't need to file taxes on that since I never sold any positions right? So no taxes there either...?
Lastly, I have a Roth IRA which I funded with $6,000 for 2020-2021, and another $6,000 for this year. I did sell stocks within the Roth, but obviously I never withdrew the money for a realized gain. Because it's a tax-advantaged account, do I need to file taxes on the few shares I sold for "profit" that just went back into a different ETF?
If you're wondering where the money came from that funded my investments, I have worked for 3 years but this year, I hardly worked because COVID shut my job down for months. I now have about $7,500 in the bank, and I make about $1,000 a month (I usually only work 2-3 shifts a week).
Any help is much appreciated.
Submitted February 11, 2021 at 11:16PM by ToyotaHellcat https://ift.tt/3p98Smp
