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D13
Level 1

How should I notate this 1099 MISC?

I have royalty interest in a company that pays me a percentage of their revenue. 1099 MISC has the royalty amount, but I'm not sure how to proceed. I selected "Investment income from property you own", but since it is not income from a business I own, the program asks me to select a property that generated the income, and there isn't one.  The other option seems to be for personal businesses so that can't be correct for my situation.  Not sure how deal with this?

1 Best answer

Accepted Solutions
Carl
Level 15

How should I notate this 1099 MISC?

Your royalty income is reported on SCH E. Under the Personal Income tab scroll down to Business Items and elect to start/update Rental & Royalty Income (SCH E). Pay attention to detail, because "rental" is selected by default, and you'll have to change it to "royalty income" since the income is reported in box 2 of the 1099-MISC and not box 1.

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1 Reply
Carl
Level 15

How should I notate this 1099 MISC?

Your royalty income is reported on SCH E. Under the Personal Income tab scroll down to Business Items and elect to start/update Rental & Royalty Income (SCH E). Pay attention to detail, because "rental" is selected by default, and you'll have to change it to "royalty income" since the income is reported in box 2 of the 1099-MISC and not box 1.

View solution in original post

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