topic Re: Book royalties in Get your taxes done using TurboTax

Book royalties

billmcse — Fri, 03 Jan 2025 21:09:23 GMT

I wrote a book and receive modest royalties...less than $100. My question is where to report that. I've been told by some to file under Rental Property and Royalties, yet others tell me I should file under 1099-MISC in Turbotax. Royalties sounds like the correct category but the form is a 1099-MISC. I do not write for a living, this was a one time project.

Re: Book royalties

Bsch4477 — Fri, 03 Jan 2025 21:27:13 GMT

Reporting an amount in box 2 of form 1099-Misc is proper.

Re: Book royalties

billmcse — Sat, 18 Jan 2025 13:52:50 GMT

But here's my issue, turbotax will ask if you received the royalties from a natural disaster, intellectual property or being self employed as a writer. Neither really apply here. I am not a writer. The book was written as a one-off type of experience.

Re: Book royalties

Vanessa A — Mon, 20 Jan 2025 19:28:27 GMT

A book would be considered intellectual property. You do not have to be a writer, it is that you did write a book and are receiving income from it. So this is your property that came from your creativity or research. The only real time it will make a tax difference is if it is Self-employment, then you would be subject to SE taxes on the income. Since this was a one off, it is not subject to SE-taxes.