Solved

Where do I enter royalty income for 1099 misc?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

My husband received a 1099-MISC for a royalty payment - a song he owns was used in a movie and he gets royalty payments each year. I'm really confused about where it should go in turbotax. It's showing up in three places right now:
*Business Income and expenses, Rentals and Royalties
*Business Income and expenses

We are tracking income and deductions for his music business.
*Personal income, 1099-MISC

Does TurboTax keep a running list in the background and pull from the one 1099-misc entry? Or is it being counted three times?

TurboTax Self Employed Online

Best answer by Patrice11

The royalty income is not being counted three times. However, it will be listed under the Personal tab and the Business tab.

A 1099-MISC for self-employed income can be entered under the Business tab, in the Business Income section under Business Income and Expenses.

A 1099-MISC can also be entered in the Other Common Income section under the Personal tab. If you enter it here TT will also generate a business return (Schedule C) if appropriate (as determined by your answers to the TT interview questions.)

You would not enter the same 1099-MISC into both places.

P

Patrice11Answer

Employee

The royalty income is not being counted three times. However, it will be listed under the Personal tab and the Business tab.

A 1099-MISC for self-employed income can be entered under the Business tab, in the Business Income section under Business Income and Expenses.

A 1099-MISC can also be entered in the Other Common Income section under the Personal tab. If you enter it here TT will also generate a business return (Schedule C) if appropriate (as determined by your answers to the TT interview questions.)

You would not enter the same 1099-MISC into both places.