topic Got 1099MISC for royalties from an investment in a company. I am neither self-employed or own property. How do I report this as just income with nothing else involved? in Get your taxes done using TurboTax

Got 1099MISC for royalties from an investment in a company. I am neither self-employed or own property. How do I report this as just income with nothing else involved?

D13 — Tue, 09 Mar 2021 23:37:26 GMT

I just get money from the income the company makes. The only options TT gives are for owning property (they want addresses), or have you report self-employment income from "your business", which this is not.

Re: Got 1099MISC for royalties from an investment in a company. I am neither self-employed or own...

ColeenD3 — Tue, 09 Mar 2021 23:57:34 GMT

Here is how to enter this in TurboTax:

Login and continue your return.
Select Federal from the left side menu.
On the Income & Expenses summary, look for Rental Properties and Royalties (Sch E), click Edit/ Add to the right.

What are you here to report?

Have more than one? You can start with any category. We'll add the rest later.

Rental property

Real estate leased or rented out to others

Royalty

Oil, gas, minerals or copyrights or patents

Add the name "Investment". If you click continue, the program says to enter your own address. Then you can choose the type.

Re: Got 1099MISC for royalties from an investment in a company. I am neither self-employed or own...

D13 — Wed, 10 Mar 2021 01:01:58 GMT

Thank you. So under the royalty info, I just add a nickname for it, then put my own address as the "general info" address of the royalty? I'm not seeing anywhere specific where it tells you to do that. But I have labeled it as "other intangible".

Re: Got 1099MISC for royalties from an investment in a company. I am neither self-employed or own...

LenaH — Wed, 10 Mar 2021 20:22:48 GMT

Yes. For the Information on the royalty, you can write a detailed description or name it Royalty from Investment.

If reporting royalty income, the IRS instructions say address lines 1 and 2 can be left blank, but TurboTax may not let you continue without an address. If so, you can use the address of the company which pays your royalties (as shown on your 1099-MISC form) or you can use your own address.

Since the IRS is not expecting an address, you can choose between the two options listed above.

@D13