I received a 1099-MISC for royalties on a patent held by a 3rd party (University of which I am a professor). I entered it in Turbo Tax in the Personal Income, 1099-MISC section. I selected Royalty Income, but Turbo Tax options ended up associating this with a company (I entered the university's Licensing & Venture group name). Turbo Tax then created a Schedule C. And it has me listed on the form as a Proprietor. Later, when going through final TurboTax automatic checks, it had me enter the principal business code for the university's Licensing & Venture group (which I had to hunt down), address, accounting method, material participation, etc. This just feels wrong, as I am not not an employee/part of the university's Licensing & Venture group. Is this wrong, and if so, how do I go about fixing/changing it? Perhaps delete this schedule C and go back to this section in Turbo tax somehow and try it again?
