Stock trader/ sole proprietorship. I have received 2 1099's from ETrade I am finding it difficult to add the income to the Self-employment income and expenses section?

[richard-aderibig]

I am using the online Turbotax system! Turbotax Self-Employed

[Anonymous_]

The income from trading is not entered on Schedule C.

Are you an investor, trader or trader with an MTM election?

See https://www.irs.gov/taxtopics/tc429

[LoganathanB]

To properly report your business expenses, gains, and losses as a trader it’s highly recommended you use a CD or downloadable version of TurboTax because some entries will need to be entered directly in Forms Mode.

If you have made the proper Mark-to-Market or Section 475(f) election with the IRS, then they may use Form 4797 to report the sales of their securities without the loss limitations and wash sale rules.

Click on the link for more information

How to report trading

[richard-aderibig]

trader

[Anonymous_]

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@richard-aderibig wrote:

trader

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Then, without an MTM election, you would report your expenses on Schedule C and your trades on Form 8949 and Schedule D.