Form Not Reported 1099-Misc

[gchurchley]

I keep getting stuck in a loop when attempting to add a second 1099-misc. It appears that my Schedule C is not updating. Interestingly, as soon as I attempt to enter this second 1099-misc, all reported income (blue text on the main Wages & Income screen) for 1099-Misc disappears. Before entering this second form, the first income was displayed. I've restarted the software multiple times.

[RobertB4444]

You can enter any income that you would normally enter through the 1099-MISC interface as cash income received directly into the schedule C.  It will not change the tax treatment.  

@gchurchley 

[gchurchley]

Thank you for your response. Quick question: So enter the payer information from the 1099-Misc in the 1099-Misc section, but call it a "cash receipt" in the Schedule C where I'm prompted to "add another business?" Or do I add it to my first entry (combine the totals from the two 1099's)? They are incomes for two different "types" of work. Thank you

I've tried the "add another business route." I must be doing something incorrectly. Whenever I try to directly edit the Schedule C, it brings me down a rabbit hole of answering questions about "the business" (employer ident numbers, etc). This seems like a bug that two 1099's aren't able to be brought over into the Schedule C.

@RobertB4444 

[PatriciaV]

If both Forms 1099-MISC report income for the same business, you can enter the total income for the Schedule C without entering the 1099-MISC under any topic. These are information forms for the IRS to track income. As long as you report at least as much income as is reported on all 1099-MISC sent to you, you have satisfied the IRS.

You may need to delete (trash can icon) the 1099-MISC entries you made under the Other Income topic before you enter the income under the Self-Employment (Sch C) topic. Do not enter the income twice.

Finally, you do not need to enter the name or TIN of the company that sent you 1099-MISC, unless that is useful to you. If you wish to track the source of your entries, right click on the income entry box and choose "Add Supporting Details." This provides a table for you to add a description and amount, which is saved in your tax file but is not sent to the IRS as part of your return.

@gchurchley 

[gchurchley]

Thank you both @RobertB4444  and @PatriciaV ! I found that if I entered the second 1099 as "Other Income" rather than "Royalties" (even though it was royalties reported in box 2 of the 1099-Misc), Turbo Tax handled everything perfectly. I trust that might be what you were both trying to communicate. And since everything is there, regardless of what box the income was reported in, the IRS should be happy. Thank you again for your time and expertise.

[PatriciaV]

Please confirm that the royalties you received were related to your business (intellectual property) and not from an investment (natural resources). Royalties from oil & gas companies are reported on Schedule E.

[gchurchley]

@PatriciaVthe income was paid from Amazon.com related to royalties from book sales (self-publishing author).

As a follow up: When I attempt to run the error check, the missing data (Principle Business Activity Code, address, etc) is flagged. Am I safe in not entering that data? This is the same information that was requested before, but I'm not exactly clear how to answer.

[DianeW777]

No, you must enter the data.

The Business Activity Codes can be found i the link.  Choose something closely related to your business by using Ctrl 'F' to search for Books.

If you do not have a separate business location or office you can use your home address.

@gchurchley