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kentruvalcaba26

Level 2

Question

So I'm a day trader and was paid and I received a 1099-NEC form turbo tax will no let me add it for my taxes it says it needs box 3 buts its blank or grayed out

Forum|Forum|1 year ago
March 12, 2025
1 reply
1 view

No text available

TurboTax Deluxe Online

Level 15

Form 1099-NEC box 3 is currently not used. It is, according the instructions for Form 1099-NEC "reserved for future use". Perhaps you are in the 1099-MISC entry screen. Box 3 of 1099-MISC is for "other income".

Why would you report income reported on Form 1099-NEC Nonemployee Compensation? Your Schedule C for your trading activity should only have the expenses relating to your trading activity. You need to create a separate "business" to report income reported on a 1099-NEC. All of your trader income should be reported on Schedule D & Form 8949, or if you've made a mark-to-market election under section 475(f) on Form 4797.

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kentruvalcaba26Author

Level 2

I received a 1099-NEC from a company called rise i was paid by a trading company i go to the self employed option correct?