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[[Hi,
I am currently a college freshman who has begun trading online.]]

Hopefully not TOO much trading...

[[ Since this is the
first time I have traded I am quite confused about how investment taxes apply to
me.]]

Then why don't you simply read my book: The Motley Fool Investment Tax Guide. It'll tell you much of what you need to know regarding taxes and investments, how the taxes apply, and how taxes work in general....not to mention tax savings tips. You can also start by check out many of my posts in the Taxes FAQ area.

[[ Also, my brokerage account is my own,
although I am still a dependent under my parents since I am a student.]]

You being a student doesn't, in and of itself, make you a dependent. If your parents provide more than half of your support (and meet the other requirements), then you are a dependent. If you provide you own support, you are not a dependent.

[[ Does this
fact affect my financial statement/forms - is tax taken on gains/losses and how
much and within what time period? ]]

The only thing that it would impact is that you would NOT be able to claim your own personal exemption if your parents claim you as a dependent.

[[What forms do I
fill out for the government, or do they obtain the information from the brokerage?
And when must I file for these forms, and which ones do I need?
Thanks, I REALLY appreciate your help!]]

Much of this is addressed in TMF Investment Tax Guide. You should really check it out.

TMF Taxes
Roy

Want to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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