Why does TurboTax Premier ask me for a 6-digit business code?

[Jquez]

Hello.

I have traded stocks, but not as a man job. I have some day trades and long-term trades that I had to wait on since the prices dropped. When I got to the Federal Review portion of TurboTax Premier, it said I needed to input my business information for Schedule C. I am not a business. Just someone who trades in free-time. I made money with the meme stock craze last year, but most of my trades are not resulting in huge amounts. I have no idea what "substantial" amounts are when reading this IRS forms and advice on this website.

1) I don't believe I am a "qualified trade or business" from what I've read. So I check the box for "no."

2) For "Principle business or profession, including product or service" what do I put? My principle work was as an employee with Amazon, not in stock trading. Do I just write "stocks" here?

3) I don't have a "principle business code" It requires 6 digits. What can I put?

4) Me trading isn't a business, so I don't have a Business Name. Do I just put my name?

5) Use my home address for this "Business Address"?

6) Not sure what "Accounting Method" is for. What do I choose? "Other" seems best but then I don't know what to put in the explanation.

7) Did I make payments in 2021 that require forms 1099. Payments for what?

😎In the section that asks about 1099's I have a measley $106 that appears for a 1099-MISC. Does this information help anyone to help me?

9) How can I tell TurboTax that I'm not a business so I don't get asked these questions. It appears the 1099-MISC is causing this. Seriously, I have no business code of 6 digits. What can I do?

Sorry for the numbered questions/etc. I'm a bit OCD about things like this. Thank you for your help!

[AnnetteB6]

The Form 1099-MISC that you received for $106 is the reason for asking all the questions about a self-employed business.

Please share why you received Form 1099-MISC and what the payment represents.

[Jquez]

I received 1099-MISC from Webull. I think the money is from the value of stocks I received for making referrals and/or partially from a $15 credit for some task completion bonus within the app. So my note in the beginning when entering forms was something to the effect "Referral promotional incentive money" or the like. It pretty much demanded a business name and address. I eventually put my address in but for business just put "this is not a business."

[JamesG1]

Sales incentive payments do not need to be reported as self-employment income.  Follow the steps below to report sales incentive payments reported on an IRS Form 1099-MISC.

• Select Federal from the left side menu.
• Click on Wages & Income.
• Scroll down to Less Common Income.  Click Show more.
• Click Start / Revisit to the right of Miscellaneous income….
• Click Start / Revisit to the right of Other reportable income.
• At the screen Other Taxable Income enter ‘sales incentive payment’. 

View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.