Hello.
I have traded stocks, but not as a man job. I have some day trades and long-term trades that I had to wait on since the prices dropped. When I got to the Federal Review portion of TurboTax Premier, it said I needed to input my business information for Schedule C. I am not a business. Just someone who trades in free-time. I made money with the meme stock craze last year, but most of my trades are not resulting in huge amounts. I have no idea what "substantial" amounts are when reading this IRS forms and advice on this website.
1) I don't believe I am a "qualified trade or business" from what I've read. So I check the box for "no."
2) For "Principle business or profession, including product or service" what do I put? My principle work was as an employee with Amazon, not in stock trading. Do I just write "stocks" here?
3) I don't have a "principle business code" It requires 6 digits. What can I put?
4) Me trading isn't a business, so I don't have a Business Name. Do I just put my name?
5) Use my home address for this "Business Address"?
6) Not sure what "Accounting Method" is for. What do I choose? "Other" seems best but then I don't know what to put in the explanation.
7) Did I make payments in 2021 that require forms 1099. Payments for what?
😎In the section that asks about 1099's I have a measley $106 that appears for a 1099-MISC. Does this information help anyone to help me?
9) How can I tell TurboTax that I'm not a business so I don't get asked these questions. It appears the 1099-MISC is causing this. Seriously, I have no business code of 6 digits. What can I do?
Sorry for the numbered questions/etc. I'm a bit OCD about things like this. Thank you for your help!
