If you entered a 1099-DIV by mistake, delete
it and then add the 1099-MISC.
Try this first:
·
Simply search for the form number (for example, 1099-DIV)
and then click the "Jump to" link in the search results to get
to the Summary screen.
If
that doesn't work:
1.
Open your return in TurboTax.
(To
do this, sign in to TurboTax, and click the orange Take me to my return button.)
2.
In the upper right corner, click My Account > Tools.
3.
In the pop-up window, select Delete a form.
4.
Click Delete next to the 1099-DIV and follow the
onscreen instructions.
Next:
Follow these instructions exactly to enter
your royalties from Box 2. (See the attached screenshots below. Click to
enlarge.)
With your return open, search for 1099-MISC or 1099MISC (lower-case
works too) and then click or tap the "Jump to" link in the search
results.
When you enter your 1099-MISC, enter the
income in Box 2 (royalties). On the following screen, choose the source of your
royalty income:
·
Investment income from property you own – This includes natural
resources extracted from your property by a third party who leases your
property, as well as royalties from intellectual property that you didn't
create yourself. This gets reported on Schedule E.
·
Royalty income from your business, including artist royalties or operating a
natural resources business – This includes income from natural
resources that you extract from your property as well as royalty payments from
intellectual property you created as an inventor, writer, artist, and so forth.
This gets reported on Schedule C.
Once you've selected the proper
classification, follow the onscreen instructions. You'll be prompted to set up
your royalty property in the Rents and Royalties section or
the Business Income and Expenses section, depending on which
classification it falls into.
