Also do you include the commission charge for each as a loss or no?
In the "basis" column, you include the commission that was charged when you bought the stock.
In the "proceeds" column, you subtract the commission that was paid when you sold the stock.
Depending on your tax bracket, you would receive approximately $50-$200 more (or pay that amount less) than if you did not have this loss.
is this your only income?
you must have other items to enter on your 1040 and therefore it is not possible to ascertain how much refund you will get
there is no refund if nothing was paid in, or withheld on payroll
The only thing you could use the Loss of your stock trading with is to reduce your tax liability little bit. do not expect any refund. if your form 1099B which you should receive shortly from your broker shows that federal tax withheld being deducted, then you could expect that if you have big income with little tax withheld, that the loss of your stock may reduce your liability little bit.
That depends on your tax rate. You will have $500 subracted from your other income and it goes into the calculation of your adjusted gross income. Commission costs are included in the basis for both sales and losses.
The net loss of $500 is subtracted from your other income and reduces your adjusted gross income by $500. a reduced AGI will reduce the tax you owe. it may also cause other credits or deductions to become available to you.
If you have a tax liability and are in the 15% tax bracket, the $500 decrease in AGI will decrease your tax by $75, resulting in a smaller balance due or larger refund.
Commission is usually included in the 1099B sent to you for each transaction. if not, add it to the basis of your stock entered on Schedule D.
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