topic Re: Robinhood in Get your taxes done using TurboTax

Robinhood

celmg — Mon, 09 Mar 2026 10:48:17 GMT

Does day-trading with RobinHood count as self-employed?

Re: Robinhood

ColeenD3 — Wed, 13 Apr 2022 19:33:07 GMT

It depends.

Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law considers this to be a business. To be engaged in business as a trader in securities, you must meet all of the following conditions:

You must seek to profit from daily market movements in the prices of securities and not from dividends, interest, or capital appreciation;
Your activity must be substantial; and
You must carry on the activity with continuity and regularity.

The following facts and circumstances should be considered in determining if your activity is a securities trading business:

Typical holding periods for securities bought and sold;
The frequency and dollar amount of your trades during the year;
The extent to which you pursue the activity to produce income for a livelihood; and
The amount of time you devote to the activity

If the nature of your trading activities doesn't qualify as a business, you're considered an investor and not a trader. A trader must keep detailed records to distinguish the securities held for investment from the securities in the trading business. The securities held for investment must be identified as such in the trader's records on the day he or she acquires them (for example, by holding them in a separate brokerage account).

Traders report their business expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship). Commissions and other costs of acquiring or disposing of securities aren't deductible but must be used to figure gain or loss upon disposition of the securities. Gains and losses from selling securities from being a trader aren't subject to self-employment tax.

Re: Robinhood

celmg — Wed, 13 Apr 2022 21:21:11 GMT

I got a document from Robinhood with 1099-DIV, 1099-B and 1099-MISC. How can I report this using the free version? I am unable to edit my imported Robinhood 1099-B and 1099-MISC account info because I did not pay for the Deluxe or Premier.

Re: Robinhood

AamilD — Wed, 13 Apr 2022 21:35:04 GMT

@celmg, the free version of TurboTax is for basic returns. It does not support 1099-DIV, 1099-B and 1099-MISC. You will need to get the Premier Version to enter those.

Re: Robinhood

celmg — Thu, 14 Apr 2022 07:09:13 GMT

Would the Deluxe version work to file those docs?

Re: Robinhood

DianeW777 — Thu, 14 Apr 2022 13:38:28 GMT

It depends. If you are using TurboTax CD/Download it will work. If you are using TurboTax Online you must use Premier.