Question

WeBull Free Stock 1099 Issue

Forum|Forum|5 years ago
May 5, 2021
1 reply
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During the smart check in Turbo I get an error message telling me I need to link a sched C, F or 4385 for the free stocks I received from APEX CLEARING (WeBull). This is making me go down a road I don't think is appropriate. It is asking me for my business name and or farm etc; The software wont let me go past this. Am I doing this correctly? Any help/suggestions much appreciated. @WeBull

DaveF1006

OK. you received a 1099 MISC and answered in such a way that Turbo Tax thinks this is Schedule C income.

First of all, delete the entry you made completely. Make sure it's disappeared by going to the area where you made the entry and then go to tax tools>tools>delete a form
Delete forms that have 1099 MISC, Schedule C , Schedule C worksheet. Make these disappear forever.
Now go back to your return and enter this:
Go to federal>wages and income>other common income>income from 1099-MISC
Enter the 1099-MISC
Next screen will ask you for a description of the income
Next screen asks if any of this uncommon income applies. Here you can say none.
Next question asks if this income is like your main job. Say no.
Answer the question on the next screen.
Next screen asks if this involved an intent to earn money. Here you will say no.
If you answer the questions in this manner, you should not receive any reference to a Schedule C or Schedule F.