Quick Wealth Network

Investing?

I am 19 and i was thinking about investing in stocks and saving account do i need to file taxes, do i need to get the forms myself or the government sends them. I know this may be funny but im not use to this. Thanks Alot!

Public Comments

1. yeh i guess u need to get form good luck :D !!
2. If you open a Brokerage account and you make money on your stocks at the end of the year they will send you a 1099 with your capital gains listed. Your savings account will send you one too with interest earned. List any profits as income or losses as deductions and Bob's your uncle. Good Luck
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4. the bank or firm you invest through will send you the paperwork (1099) to do your taxes each year. I would start with short-term CD's (three or six month) until you do all your research on exactly what type of investment you want to do, what the risks and performance is for that particular investment etc. That way you are earning some money while you figure out your plans.
5. Educate yourself first. Everyone needs financial literacy nowadays. "Personal Finance For Dummies" and "Investing For Dummies" are great starter books.
6. Your brokerage will send you a 1099 form at the end of each tax year and you will also need your cost for each stock bought for your taxes. Before you get in too deep, look at mutual funds first. With very little work you can find broad-based mutual funds delivering 15% annual with long-tenured managers with good track records.