I received a 1099-MISC for royalty from a book I authored and had published. I do not have a business, yet Turbo Tax seemingly requires me have a business to proceed. How can I deal with this?
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If you are not in the business you will report the income on Schedule E instead of Schedule C. See AnnetteB's answer and instructions to report the royalty income on Schedule E.
If you are not in the business you will report the income on Schedule E instead of Schedule C. See AnnetteB's answer and instructions to report the royalty income on Schedule E.
When entering information on Schedule C for reporting 1099 MISC royalty payments, specifically for book publishing that is not a business, Line C of the form is for a Business name. On Line C the form says "if no separate business name, leave blank".
Turbo Tax will not allow the form to be completed without an entry on Line C.
HOW IS THIS HANDLED???
Just enter your name. I understand that it is not a separate business name, but by entering your name this will no longer will be an issue.
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