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Get your taxes done using TurboTax
If you are receiving royalties from the patent and received a 1099-Misc with the income in box 2, then you would report it on Schedule E as royalty income. TurboTax will automatically generate the Schedule E when you enter the income as royalty income.
"You generally report royalties in Part I of Schedule E (Form 1040 or Form 1040-SR), Supplemental Income and Loss. However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc., report your income and expenses on Schedule C." Taxable income
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March 27, 2023
12:48 PM