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Investors & landlords
I spent an hour with a TurboTax helper on this issue. I had small royalties from books I wrote several years ago. The only solution was to enter the royalty amounts on the 1099-Misc section and then fill out Schedule C as follows:
A Profession: Writer
B Business code: 711500 (the IRS code for writer, which the TT helper looked up for me).
C Business name: my name
D Leave blank
E Business address: my home address
F Accounting method: Cash
G and H check No on boxes
That's all you need to do.
March 23, 2023
7:51 PM