@smorgasborddd
Yes, the IRS requires you to report the $300 royalty income even if you didn't get a a1099-MISC Form, if you received payment in the form of cash, check, credit card, crypto or other legal form of payment. If you haven't received any royalty payments, no, don't report the income until you receive it.
- 1099-MISC forms are only required to be issued if the dollar amount is $600 or more.
To enter your royalty income,
- In TurboTax, select Federal from the left side navigation bar.
- Select Wages & Income from the top tabs.
- Type royalty income in the search bar and select the Jump to.
- If you land on the Your 2021 rentals and royalties summary screen, scroll down to Add another rental or royalty.
- Continue with the onscreen interview until complete.
[Edited 03/22/22|11:57 am PST]
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