Anonymous asked in Business & FinanceTaxesUnited States · 7 years ago

Do you have to pay taxes while on ssdi?

I traded stocks short term but in total it was a loss, so there was no additional income. I'm on SSDI. I was wondering if I still have to file taxes.

2 Answers

  • Mathew
    Lv 7
    7 years ago
    Favorite Answer

    When your stock trades are reported to the IRS they use the proceeds of each sale as reported on a 1099-B to calculate your income unless you file a return. So you buy stock a to day for $1,000 an sell it tomorrow for $999. You have a loss of $1. But the IRS will not know that you had a loss until you file a Schedule D with appropiate forms 8949. Make 100 trades like that and the IRS will send you a tax bill for $100,000 plus 85% of your SSDI.

  • Judy
    Lv 7
    7 years ago

    Depends on how much other income you have, other total joint income if you're married. If SSDI is youf only income, no you don't owe federal income tax.

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