IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: MajorD who wrote (18)	2/16/1998 6:44:00 AM
From: Spots	Read Replies (2) of 1383

Whether or not you actually have to file depends upon your status and the actual amount of your income. If you made "a couple thousand dollars" trading in 1997 but had income from no other source, your income is the "couple thousand" dollars. If you are single and not a dependent on anyone else's tax return, then there is a personal exemption and standard deduction that normally apply. For most people this means you don't have to file if your gross income was under $6800, BUT there are plenty of exceptions (if you're married but separated; can be claimed as another's dependent on their tax return; have tax-free income; have preferential income; etc.). Get a 1040 tax booklet and read the instructions carefully. There's a list of filing requirements which you can apply to your exact circumstances. Above all, don't trust what you read here, including this message, unless you check it out independently. BTW, even if you do have to file and pay tax, you will probably be paying at a marginal 15% rate, not 39% or 28%. Good luck.

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