richard-aderibig

Question

Stock trader/ sole proprietorship. I have received 2 1099's from ETrade I am finding it difficult to add the income to the Self-employment income and expenses section?

Forum|Forum|4 years ago
February 20, 2022
2 replies
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I am using the online Turbotax system! Turbotax Self-Employed

TurboTax Self Employed Online

The income from trading is not entered on Schedule C.

Are you an investor, trader or trader with an MTM election?

See https://www.irs.gov/taxtopics/tc429

richard-aderibigAuthor

trader

@richard-aderibig wrote:

trader

Then, without an MTM election, you would report your expenses on Schedule C and your trades on Form 8949 and Schedule D.

To properly report your business expenses, gains, and losses as a trader it’s highly recommended you use a CD or downloadable version of TurboTax because some entries will need to be entered directly in Forms Mode.

If you have made the proper Mark-to-Market or Section 475(f) election with the IRS, then they may use Form 4797 to report the sales of their securities without the loss limitations and wash sale rules.

Click on the link for more information

How to report trading