I just put money into stock this week will I have to claim them on my 2020 taxes or will I report them next year I just want to avoid a refile or audit
If you just bought stock right now, you'll pay taxes on the profits only after selling. So the earliest year you'll be paying taxes on would be for your 2021 filing. If you hold until January 1, 2022 - then the earliest you'd pay taxes on THE PROFITS would be in your '22 filing.
Thanks so much its just very confusing Im younbg and trying to have some savings for when needed. and would you reccomend using something like public or robinhood or should I go traditional with like fidelity
Go with a traditional no commission broker (Fidelity, Schwab, Ameritrade, E*Trade, etc.). Robinhood is a second rate mickey Mouse operation.
I fully agree with Tormented and spindr0. My main broker is Schwab, they are also a full service bank. The better brokers are the only way to fly, unlike robinhood and the other nickel and dime outfits. The big guys have better features and also have a telephone that you can actually speak to someone, that is very important to me. Check around, some have promotions that pay you to sign up with them. Best of luck.
You will need to calculate the taxes from them when you will get the income. This is how it works. You don't need to calculate them with the taxes for the previous year when you have invested. At least, this is how it works in Quickbooks. It is bookkeeping software. I found out about it on playlouder.com, and I decided to learn how to use this software. I am using an accountant for personal purposes, so I decided to learn how to work with bookkeeping software and do my accounting by myself. It is a good way of saving some money.