<prompt> Human: Throwaway because friends know my account and this is personal information.Last summer I foolishly got involved in some options trading. I made a decent amount at first, then I started to lose more and more money. When it was all said and done, I had lost about 4500, which was most of my money. My question involves taxes and everything involved with that.I am a dependent of my parents, and I made about 5800 this last year from my job. I paid 150 in federal taxes but I anticipate getting all that back. I know I can deduct 3000 a year from my taxes due to capital losses such as the one I experienced. Would there be any benefit from deducting this year even though I wont pay any federal taxes since I dont make enough? Would I be able to defer the tax-deductible loss until I have a career?Also, I read that its optional whether to report all of your stockoption trades to the IRS via some tax form I dont remember, so is there a form I need to fill out to file my taxes because of my stock market activity? I planned on filling out a 1040EZ, if that works out with my situation.Sorry for all the various questions and rambling, Ive been pretty stressed about this and any advice would be appreciated.  <response>: In US, after capital losses are offset against capital gains, up to 3000 of remaining capital losses can be deducted against ordinary income. Unused loss can be carried forward. That page has links to Form 8949, Schedule D, and Publications 550 and 544. 