I'm using TurboTax Home & Business and trying to fill out the business section. I have a net loss between Proceeds and Cost basis for investments on form 1099-B. Breaking out the Proceeds as income and Cost basis as expenses, will produce a large income for form 568 for the State and I would have to pay additional State fee when in reality I have net loss. How do I fill out the income and expenses correctly in TurboTax so it results in no revenue?
On the Personal return, a 1099-B does not file on Schedule C but rather Form 8949 and Schedule D. Even if the 1099-B is associated with the LLC, it is still reported on these forms (unless you need to be filing a Partnership or an S-Corp return. Those returns are handled differently).
To guide you to enter your 1099-B correctly, please see this FAQ: https://ttlc.intuit.com/replies/4789365
On the Personal return, a 1099-B does not file on Schedule C but rather Form 8949 and Schedule D. Even if the 1099-B is associated with the LLC, it is still reported on these forms (unless you need to be filing a Partnership or an S-Corp return. Those returns are handled differently).
To guide you to enter your 1099-B correctly, please see this FAQ: https://ttlc.intuit.com/replies/4789365
Sorry I have the same Q. The link you posted is not working. I just formed an LLC taxed as sole proprietorship. My trading activities would be under the LLC business brokerage account. If I'm getting it right, I would still receiving 1099-B for tax filing. But how would I be able to put those trading profits/loss as my business profits/loss? Thank you in advance.