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carrie
New Member

Where do I enter royalty income for 1099 misc?

My husband received a 1099-MISC for a royalty payment - a song he owns was used in a movie and he gets royalty payments each year.  I'm really confused about where it should go in turbotax.  It's showing up in three places right now:
*Business Income and expenses, Rentals and Royalties
*Business Income and expenses

We are tracking income and deductions for his music business.
*Personal income, 1099-MISC

Does TurboTax keep a running list in the background and pull from the one 1099-misc entry?  Or is it being counted three times?
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Patrice
New Member

Where do I enter royalty income for 1099 misc?

The royalty income is not being counted three times.  However, it will be listed under the Personal tab and the Business tab. 

A 1099-MISC for self-employed income can be entered under the Business tab, in the Business Income section under Business Income and Expenses.  

A 1099-MISC can also be entered in the Other Common Income section under the Personal tab.  If you enter it here TT will also generate a business return (Schedule C) if appropriate (as determined by your answers to the TT interview questions.) 

You would not enter the same 1099-MISC into both places.

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1 Reply
Patrice
New Member

Where do I enter royalty income for 1099 misc?

The royalty income is not being counted three times.  However, it will be listed under the Personal tab and the Business tab. 

A 1099-MISC for self-employed income can be entered under the Business tab, in the Business Income section under Business Income and Expenses.  

A 1099-MISC can also be entered in the Other Common Income section under the Personal tab.  If you enter it here TT will also generate a business return (Schedule C) if appropriate (as determined by your answers to the TT interview questions.) 

You would not enter the same 1099-MISC into both places.

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