Yes, you will need to file
an amended
return to correctly report the income on Schedule E Rental Properties and Royalties. Schedule C income is subject to self-employment tax, while royalty income is not. Your entries for Form 1099-MISC (Box 2, Royalties, vs Box 7, Non-employee compensation) determines which schedule is created.
We
recommend that you wait to amend until after
the IRS has processed your original return and you have received your refund
(if any).
To learn more about amending your tax return, please review the
information in the following links included below.
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