Skip to main content
February 5, 2023
Question

Royalty Income

  • February 5, 2023
  • 1 reply
  • 0 views

I am reporting my 1099 MISC and for some reason the royalty income is doubling and I cannot figure out why.

    1 reply

    February 6, 2023

    If you entered the amount first as a 1099-MISC and then answered the questions in the royalties section, it can show twice. You need to delete your duplicated entry:

     

    1. From inside the return, scroll down to Tax Tools on the bottom of the left side menu.
    2. Select Tools.
    3. Click on Delete a form (third on the list at the bottom of the screen).
    4. Find 1099-MISC on the list of forms.
    5. Click Delete to the right.
    6. Confirm your Delete.
    7. Click Continue in the lower right. 

     

    This may delete just one instance and leave the other as it should be. If it does, you are all set. 

     

    If you need to re-enter the royalty:

    1. Select Federal from the left side menu.
    2. Select Wages and Income.
    3. Scroll down/ expand the list and look for Rentals and Royalties.
    4. Expand that section and find Rental Properties and Royalties (Sch E).
    5. Click Start on the right.
    6. Answer the first question Yes.
    7. Select Royalties on the right, click Continue.
    8. Enter the name and address from your 1099-MISC.
    9. Answer the next few questions.
    10. When you get the screen that says, Let's enter the income from your 1099-MISC, enter your gross royalty in box 2.
    11. If you have associated royalty expenses, you will be able to enter them in this section. 
    12. Answer the remaining questions in the section. 
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"