Investing is more accessible now than ever before. Now that you can trade at a ZERO-dollar commission, the biggest hurdle is understanding the lingo on the website to place an order. In this episode, Zacc walks you through the basics of stock & fund trading. Zacc places a trade in his daughter’s custodial account. The video is available on YouTube and audio is available on all major podcast providers. Do not by intimidated be the terminology. This episode will help you through it.
If your dependent shows less than $1,100 of unearned income, there is a good chance you do not need to report any of their income whatsoever. My kids have UTMA accounts. This is another name for a stock account in the name of a minor. If they show more than $1,100 of income in any year, I will have to report that somewhere on the tax forms. I work hard at being lazy. I do not want to report this income. I purposefully trade in these accounts to create just under $1,100 of income and no more. This way, when my daughter needs to use this money in the future, there are less taxable gains that show. I thought this would be a good opportunity to help listeners & viewers understand the mechanics of placing a trade, so I recorded it live and provided screenshots. The tax strategy is less important. The more important part is understanding the different order types and actions when placing stock trades.
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