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Get your taxes done using TurboTax
I own a business and am using Turbotax Home + Business.
On my investments from my personal brokerage account, I have substitute payments (PIL/Payment in Lieu) reported on box 8 of 1099- MISC.
On the personal section of the desktop software, I enter the amount in 1099-MISC box 8 but it doesn't ask me if I intended to make money. I did incur a significant margin expense, but I can't figure out how to deduct the margin expense against the PIL. It does not ask me if I intended to make money so I can initiate a schedule C and report my expenses.
Also, must I pay self-employment taxes to take advantage of the deduction? How much is the self employment tax I'd owe?
Thank you!
March 14, 2023
6:47 AM