I received form 1099-MISC for patent royalties that I received on intellectual property. Is this self-employed income? Do I need to use the Self-employed TurboTax suite?

[jayhkalin85]

Please note, there is no amount written in box 7 of the 1099-MISC form. Only box 2 (royalties) has a value reported.

[DanielV01]

No, you will not need TurboTax Self-Employed for this income.  Royalties are entered on Schedule E, and not Schedule C.  Here is an FAQ that gives instructions on how to enter the information on this Form into TurboTax:  https://ttlc.intuit.com/replies/4792182.

What you can do is start your return in Deluxe.  If you need a program upgrade because of the income you are claiming, TurboTax will advise you.

[cjtax55]

Hi- I tried the link above for the referenced FAQ but it doesn't seem to work.  I have a 1099 for Royalties on intellectual property and Turbotax keeps asking for the address of the IP.  Then it goes into questions about the address as though it is a rental property.  Any suggestions? Thanks!

[GeorgeM777]

If you are on the screen, Is This a Rental Property or Royalty? select the option for Royalty property or payment.  If the royalty is from intellectual property (such as payments for use of a copyright or patent), you can use your own address or the address of a company that manages the property.  For example, you might have purchased rights to license a song, and hired a media company to manage the licensing of the song.

@cjtax55