As an author and speaker, I earn royalties on my books and a speaker's fee when I lead seminars based upon them. However a 2016 Form 1099 I just received lumped both forms of income into Line 7. Should I request a revised Form 1099 that breaks Royalties income out in Box 2? Why or why not?
Thanks!
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Box 7 is self-employed income that requires that SE (Self employment tax - Medicare and Social Security) if over $400 to be paid. Very different than royalties. If the 1099-MISC is incorrect you need to get it corrected.
Box 7 is self-employed income that requires that SE (Self employment tax - Medicare and Social Security) if over $400 to be paid. Very different than royalties. If the 1099-MISC is incorrect you need to get it corrected.
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