I have a 1099-Misc for patent royalties, with only Box 3 (Other Income) filled in. It is for a patent owned by a university, and not a business. Turbotax is making me file a Schedule C, which I do not have the information for. I have never had to fill in a schedule C - help?
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Since you are not currently in business and you are only receiving a royalty, then it will be reported in the Rental Properties and Royalties section of TurboTax. Use the following steps to go directly to that section of your return:
Skip the first question or so because they will pertain to rental properties and not royalties. You will come to a screen titled, “Is This a Rental Property or Royalty?” where you can choose Royalty. You will need to enter a short description for the type of royalty and include an address for the royalty. Use your own address if the royalty is not associated with an actual property address (such as with a property lease or mineral rights). Continue moving forward until you get to a summary page for the royalty. Here you can select Start or Update beside Royalty Income to enter the income amount.
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