<p>I received some FA last year and I have a small amount in the stock market, as in under $2000 and I initially lost $500 and regained $500, for the FAFSA I'm wondering on how should I report that? I take out a bit each month for rent from that since I wanted to have some practice with the stock market.</p>
<p>Would I file the gains as $500 but then what about the loss?
And would I have to fill out a tax form with the brokerage? Thanks!</p>
<p>You need to report the worth of your stocks on the day you file the FAFSA. Multiply the number of shares by the price,or if you have an account report the value of it by signing in to find out what it’s worth. The gains/losses are not relevant for FAFSA. The tax situation is not one I am qualified to comment about, though.</p>
<p>OH I see, only on the day of?</p>
<p>Yup. So if it’s a down day for stocks, it’s a good day to file!</p>
<p>true, well wouldn’t it be easier to sell if the trend is going up?
And my income is under the $9500 it lists to having file (no net gain, possible loss around $40-50–just rechecked)
I’ve been told that the money from FAFSA does not get counted in the current fafsa? thank you!</p>
<p>For tax purposes, there is no gain/loss unless you actually sell the stocks…your brokerage will send you a 1099 form.</p>
<p>ohhh I see, I’d like to file before the end of the month but I believe my broker will send out the forms after February 14th, is it possible to use another method? thanks!</p>
<p>If you have the receipts from your withdrawals it might be possible…you will need the broker’s federal tax id number. Make sure you check it against the 1099 when you receive it because you’ll have to amend your return if you get it wrong. I would just wait until February to file. Do you already have your other tax docs from employers, college, banks, etc?</p>
<p>I am not employed, but yes everything is through my online account so I should have everything
i only have my brokerage, bank and FA funds</p>
<p>If you have an online account, and you sold and bought stock in the past year, you should be able to access the end of the year information now at the website. That’s what I do.</p>
<p>If you didn’t sell/buy in 2011, then all you need is the value on the day you file the FAFSA. Again, you can find that at the brokerage website, or just by looking up the price at Yahoo Finance or wherever you feel like and multiplying the share price by the number that you hold.</p>
<p>yep
thanks for the tips, i think its resolved</p>
<p>but one more thing</p>
<p>if if my income earned + unearned is under $500 I should still file a tax report correct?</p>
<p>Here is the IRS link for “Do I need to file?” — [Do</a> I Need to File a Tax Return This Year?](<a href=“http://www.irs.gov/newsroom/article/0,,id=251941,00.html]Do”>http://www.irs.gov/newsroom/article/0,,id=251941,00.html). I used to use it a lot when I was verifying.</p>
<p>ill take a lot, thanks!</p>