29. November 2013 · Comments Off · Categories: Tax Brackets, Tax News · Tags: ,

Hi, I live in MN but go to college in IL. I am in IL for about 9 months during the year, but always MN is my primary residence. I made about 5k in MN and 1k in Illinois this past year. I think I just have to file one federal form, and then a separate form for each state. But, for Illinois do I have to do the part-time resident form (doesn’t look hard, just want to do this right) as I am there for a lot of the year?

And then I also did some investing with Scottrade and my net losses were about 300. Do I need to fill out a 1099? It looks confusing and I am not in a tax bracket where I have any liability anyways as I make so little. Also, capital losses don’t benefit me do they, as I don’t make enough to pay taxes, right?

And lastly, for filling out my total income on the 1040s, do I subtract 300 (from the investment/Scottrade losses) from the 6k, or is that not relevant? I plan on sending in my Scottrade forms I got as well as from ProShares, which was the holder of an ETF I traded this past year.

Will the people reviewing my forms just be able to recognize what is going on as long as the Scottrade forms I got are sent in with the rest of my W2s?

Thanks for the help

Answer by Pascal the Gambler
You don’t subtract your losses from your income, no.

You file a return in both states.

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