Where do I input information related to day trading stocks which will end up on the T2125 as self employment?

[madmaxigail]

I have seen much discussion on capital gains/losses but this is for day trading as self employment.  I have read that I need to enter the information as inventory but I see no place to do so in the Turbo Tax program.

[TurboTaxSusan]

Are you using TurboTax CD/Download or TurboTax Online?

[madmaxigail]

Hello Susan,

I am using TurboTax Online.

[TurboTaxSusan · Accepted solution]

When it asks, "Did you sell products that you bought or manufactured?", answer Yes to see the Inventory boxes. This page should show up just after the Income section.

[madmaxigail]

I just went through the Self Employment section again and I do not see that question asked anywhere.  I am trying to complete my 2022 taxes. 

[TurboTaxSusan]

When you first created the business, did you choose "Professional services" or "Business (Goods sold)". You will only see the Inventory section if you chose "Business (Goods sold)".

[madmaxigail]

I am just trying again from the start and opted for the Business (goods sold) option.  I will go down this path, thanks.  Another question, when I am entering the "inventory" (stock shares) do I list every trade individually or just the yearly total in/out?

[TurboTaxSusan]

Just the totals. 

[madmaxigail]

Sorry for all the questions, by totals do you mean total amount spent buying and selling all the different stocks or buying and selling of each individual company?  I traded many different stocks throughout the year. 

[TurboTaxSusan]

The total of whatever you buy & sell. You started the year with $xxx, you bought $xxx during the year, then you had $xxx at the end of the year. From that your cost of goods sold is calculated.