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Deductions & credits
Since Traders (as Sole Proprietors) don't incur Self-Employment tax on gains/losses, how do we remove the Self-Employment tax in Schedule C? Turbotax adds this automatically.
Note - reg showing income in Schedule C (say $20K in short-term trades), I've been adding a -$20K in Misc Income to offset the Schedule D cap gains and +$20K in Schedule C income.
‎April 3, 2022
12:42 PM