Hi
I signed up in 2021 for a "Webull" brokerage account. As a resulted, I was "awarded" 2 free stocks. These are appearing on my 1099 MISC section, Box 3 for $21. However, Turbotax is making me fill out a Schedule C form as if I am a Sole Proprietor. Is this correct? If yes, what should I enter on Sched C for "Business Name", "Line of work", business address, etc? If not correct, how should I correct this to not have to fill out a schedule C?
thank you
No, you do not need to file a schedule C for this. Go to 'Wages and Income' and scroll down to 1099-MISC. When you enter the form make sure that you enter that
it did NOT involve a job like your main job
You got it in 2021
It did NOT involve an intent to earn money.
The program will then put it into the OTHER INCOME section with no self employment tax and no schedule C.
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