2488209
You'll need to sign in or create an account to connect with an expert.
Under 'Wages and Income' scroll down to 'Rental Property and Royalties'. You'll tell the system you have royalty income (enter a description of what you earned the royalties on) and tell it that you don't have a 1099-MISC. It will generate the schedule E for you.
Thank you, Robert. I tried that last year on Turbo and found the form was so focused on farm equipment that I gave up and created a self-employed business form, which is find of pointless because the book is long out and there are no expenses, only royalties. I was hoping to avoid that this year. Thanks for your advice and taking the time.
@jtaquino49 It sounds like you may have answered a question in a way that took the system off track. Telling it you have royalties should bypass anything trying to generate a schedule F (for Farms) and take you to the royalties section. You don't want to generate a self-employed business form because then you pay self-employment tax and you don't owe those on royalties!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.