I am a writer(currently active) and all my book royalties come from publishers of a foreign country where 1099-MISC is not supposed to be issued. How can I file my book royalty income using TurboTax?
If
you receive publishing royalties as a result of your own creative work, you would report this activity on Schedule C. Royalty income received from a foreign publisher would be reported as Other/General Income (see screenshot below - click to enlarge).
To find this easily in TurboTax Home & Business, open your return and use the Find box at the top right side of the TurboTax header. Enter "schedule c", hit Enter, then click on "jump to schedule c". This will take you directly to the start of this section where you can set up your business and enter your income & expenses.
If
you receive publishing royalties as a result of your own creative work, you would report this activity on Schedule C. Royalty income received from a foreign publisher would be reported as Other/General Income (see screenshot below - click to enlarge).
To find this easily in TurboTax Home & Business, open your return and use the Find box at the top right side of the TurboTax header. Enter "schedule c", hit Enter, then click on "jump to schedule c". This will take you directly to the start of this section where you can set up your business and enter your income & expenses.
Actually my question arose from the section "jump to schedule C" led me to. I updated 'Business Profile' and then got into 'Business Income' to see four options including 1099-MISC, 1099-K, 'Other Income', and 'Income You Gave Back'. What should I choose here? Is 1099-K the right choice for book royalties?
If you received Form 1099-K, enter the income there. Or use Other Income. Where you enter the income is not as important as reporting all your income in some category.
Foreign publishers don't provide Form 1099-K either. Perhaps I have to use Other Income. Thanks!