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brabinov
New Member

Turbotax filed my royalty income on Schedule C

I just e-filed my return and realized afterwards that Turbotax filed my 1099-MISC royalty income on a Schedule C. It's been only a few hours; do I need to file an amended return? If I do have to file an amended return, how can I make sure that Turbotax doesn't default to Schedule C again? Does Turbotax fill out Form 1040X?
1 Reply
PatriciaV
Employee Tax Expert

Turbotax filed my royalty income on Schedule C

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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