Why does TurboTax ask for business information when I don't have any business?

[Seigneur]

Hello, here are the 3 pages that TurboTax is showing to me:

1:

2:

3:

I don't know what to enter as business information. Can someone please help me? Does it have anything to do with the fact that I live in Pennsylvania?
Also, because I received two free stocks when I signed up for Webull, I have a 1099-MISC (I sold both of them in 2021 after 2-3 weeks of receiving them). So, I thought that maybe TurboTax thinks that I have a business and I made $14. So I deleted my form 1099-MISC in the "Wages and Income" tab and reported my two free stocks using the guidelines I found from the user Critter-3:

Here's how to enter it in TurboTax.

• Click the Federal Taxes tab ( Personal in the Home & Business version)
• Click Wages & Income. (Personal income in the H & B version)
• On the screen "Your 2019 Income Summary," scroll all the way down to the last section, "Less Common Income."
• Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
• On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
• The next screen asks, "Did you receive any other taxable income." Click Yes.
• On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.
• On the next screen click Done.

So, this is how my wages and income look now: 

But still, when I go to the state taxes, I get stuck on the business information page. Can someone please help? 

[DianeW777 · Accepted solution]

You entered the income correctly if you added the value of the stocks on the date you received them, following the steps you found by @Critter-3. This income is taxable as other income as if you had received cash for that same value.  This is likely the amount on the Form 1099-MISC. Be sure to delete your Form 1099-MISC if you did not do that.

Next you should delete your business schedule if it is still in the tax return. Follow the instructions below.

You'll need to delete this form Form 1099-MISC and Schedule C

• If you're using TurboTax Online software and need to delete a form, click here.
• If you're using TurboTax CD\Download software and need to delete a form, click here

Once this is completed you should sign out of TurboTax and perform a process to clear cache and cookies.  This will remove pieces of data that your computer holds on to when you think it's been deleted. Here are the official instructions for the most popular browsers:

• Google Chrome
• Mozilla Firefox
• Microsoft Internet Explorer 11 (use the drop-down on the upper right corner of that page for earlier versions)
• Microsoft Edge
• How to delete cookies

Next you must enter the stock sale.  Your cost basis will be the amount on the Form 1099-MISC that you reported as income. The sales price will be what you received at the time of sale.

• Where do I enter 1099-B? (even if you did not receive this tax document)

[Seigneur]

Thank you DianeW777. 

I noticed that the stock sales have already been taken care of with my initial 1099-B when I give TurboTax permission to access my Webull account. But do I need to do them again? 

My second question is that I just noticed in my 1099-MISC form from Webull, there is also another item that apparently means that I gained some interest from one of my stocks: 

The picture below, clearly shows that the stock XRT gave me interest (ADT and GNW are my 2 free stocks). Or it could be dividends, but dividends should all be in my form 1099-DIV, right? Well, I didn't find XRT in the list of my dividends payments there

My understanding is that I should do the same that I did for my two free stocks meaning that I make an income of $3.75 with the steps from the user @Critter-3and since the stock sale has already been taken care of, I should be good to go. Am I correct?

[DianeW777]

 The answers to your questions are shown below.

Question:  But do I need to do them again? 

• No, there is nothing for you to do once they are imported other than verifying the accuracy.

Question: Am I correct? (About the interest or dividend income)

• It depends.  If the dividend or interest is not showing up in one of those sections in TurboTax then you should add it to that section to appropriately account for the income. The amount is low so it's not a major issue, but you want to check because you included it in the 'other' income section which could mean you are reporting it twice.  I realize it's only $3.75 so it may have no affect on your return at all even it it was there twice (I've seen it happen though because it can move you to the next line in the tax tables since they change at every $50 increment).

[Seigneur]

Thank you. I am ready to file my taxes now. I have one last question. TurboTax told me that I need to attach all my stock sales since I live in Pennsylvania:

1- Do I need to do this for my Binance account too?
2- Is there any way that I attach these documents to the one that TurboTax is sending itself? or do I need to send them separately?

3- And can I send all the 1099 forms that I received from Webull directly to the PA department of revenue or do I need to edit them and make them look clean? 

[AmyC]

1 & 2. You will send a copy of all your 1099-B forms through the mail. The program will have you print Form 8453 to send with them.

3.Send a copy of the form you were given. 

[Seigneur]

AmyC:

Thank you for your response. The program never asked me to print the form 8453 and now it seems that it has filed the PA electronically along with the federal tax! What should I do now? Please help. I did receive this message at some point, but I don't know what it means:

Does it mean that I have to wait now for some kind of approval before printing form 8453? Sorry if my questions are basic. 

[Seigneur]

I also just received an email that my Pennsylvania personal return was accepted. I am stuck now. Wasn't TurboTax supposed to ask me to sign form 8453? How do I submit all of my 1099-B forms now? 

[MarilynG1]

If you used the Summary method of reporting your 1099-B transactions, you don't actually need to mail Form 8453 to Pennsylvania.

Click this link for more info on PA Form 8453.

If this applies, you may need to mail Form 8949 and your 1099-B statement to the IRS.  

Click this link for more info on Mailing Form 8949.

Your 'Filing Instructions' for your Federal and State returns will tell you what to mail and where to send it, if required.