I have a Section 475f election for trading activity. My trading is through an LLC with an EIN and it has no expenses. I am using TurboTax Desktop to prepare my return.
My trading LLC has expenses of $0.
I entered my trading income into Form 4797 as is required by the IRS, then I used Forms Mode to transfer that amount to the QBI section (Form 8995) to get the QBI deduction. The entity involved in generating the QBI is listed on Form 8995, and the correct income numbers fill in on my 1040 Schedule 1, so the income is being reported and I am paying the tax on it.
When I use TurboTax to create the return, TurboTax is not generating a Schedule C for my trading business. I have gone through the process to fill in the required information for the business (EIN, address, etc.), but all expense numbers are entered as $0. The income is also entered as $0 because the income is already reported on Form 4797. As a result the Schedule C does not get generated to include with my tax return.
My question is: do I still need to file a Schedule C for the trading business, even though there is no income or expenses to report on Schedule C? It would basically be a blank form.
