Does trader still need to enter Schedule C after done the 4797 Form input? If yes, how to do it? Double taxed here?

Forum|Forum|1 year ago
March 27, 2025
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In the Business Income screen use the General Income category to input the trading Gains/Losses?

After I enter the number, it counts the number again. The Gains/Losses number has been counted in the 4797 Form when I input it by using the "Sale of Business Property" entry as guided by this official link:

https://ttlc.intuit.com/turbotax-support/en-us/help-article/income/report-trader-activity-without-section-475-f/L45wynVKn_US_en_US?uid=m8qizjso

I did the MTM election last year (2023 tax year). This is the first year of the Securities Trading business. How to handle the Schedule C for the trader business?

TurboTax Home & Biz Windows

Best answer by AnnetteB6

You do not enter any income on the Schedule C. All of your income as a trader is reported on Form 4797. Schedule C is only used to report business expenses, such as a home office expense.

If you are claiming a home office expense as a trader, then you will need to be using a desktop version of TurboTax because a manual entry will be required in order to claim the home office.

If you do not have business expenses related to being a trader, then Schedule C is not necessary. All of your trading expenses (commissions and fees) are used to calculate your gain or loss on the security. Those are not reported on Schedule C.

The article you referenced (How do I report my trader activity with or without Section 475(f) election in TurboTax?) will give you more details about how to handle the manual adjustment required to claim a home office if that applies to you.

AnnetteB6Answer

You do not enter any income on the Schedule C. All of your income as a trader is reported on Form 4797. Schedule C is only used to report business expenses, such as a home office expense.

If you are claiming a home office expense as a trader, then you will need to be using a desktop version of TurboTax because a manual entry will be required in order to claim the home office.

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