I am using the TurboTax Home&Biz desktop edition. I am self-employed. This year I added a new Securities Trading business. It is under my name. So the Securities Trading business' Schedule C uses my name and my SSN. I entered the required data into the 4797 form by following your official guide (How do I report my trader activity with or without Section 475(f) election in TurboTax?). I finished everything and went all the way to the end (ready to file). There is no error reported to me.
I went to look at the actual forms. I found there are no income numbers on Schedule C. I also noticed that there is no income display for the Securities Trading business in all places showing a business income (I also have a consulting business). I tried several times. The results are the same. I also tried to input the income via the Business Income section. But I found the Gains/Losses will be taxed again there.
I found the 4797 Form uses both my name and my wife's name, but only my wife's SSN is used.
I am married. We filed jointly for many years. Somehow I put my wife's name first when I started using TurboTax about 15 years ago.
The 4797 Form is not created under a certain business. Its entry is the Sale of Business Property which is in the top level of the Business section. That is why both my name and my wife's name are used on the 4797 form. But for the SSN, TurboTax chose the first SSN which is my wife's SSN number. Now the SSN numbers are different between the 4797 form and Schedule C. So they cannot be automatically connected. The data cannot be shared between them.
The above is just my analysis. I don't if it makes sense or not. I think it should be able to be reproduced.
My assumptions are the following:
1. The 4797 form and schedule C are related/connected.
2. Data on 4797 will be automatically used in Schedule C.
3. SSN is used to put them together in a group.
