I have 1099-misc for inherited royalities from art...
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I have 1099-misc for inherited royalities from art NOT created by me. This keeps forcing me to the schedule for small business by this NOT my business. What to do?

I am not self-employed and this small amount of royalties seems more trouble than anything right now!
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I have 1099-misc for inherited royalities from art NOT created by me. This keeps forcing me to the schedule for small business by this NOT my business. What to do?

Since you are not in the business of being an artist and you are only receiving a royalty, then it will be reported in the Rental Properties and Royalties section of TurboTax instead of Schedule C.  Use the following steps to go directly to that section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “royalties” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to royalties
  • Click on the blue “Jump to royalties” link

 

Skip the first question or so because they will pertain to rental properties and not royalties.  You will come to a screen titled, “Is This a Rental Property or Royalty?” where you can choose Royalty.  You will need to enter a short description for the type of royalty and include an address for the royalty.  Use your own address since the royalty is not associated with an actual property address (such as with a property lease or mineral rights).  Continue moving forward until you get to a summary page for the royalty.  Here you can select Start or Update beside Royalty Income to enter the income amount. 

 

 

@dgmann

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