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NW0
Level 2

Heir to book royalties distributed by a fellow heir -- how to report taxes?

My grandparents were professional authors, and their books still earn royalties.  My uncle is managing my grandmother's bank account that this money goes into and then periodically paying out disbursements by personal check to himself and the other heirs, including me.  He notified me at the beginning of the year that I need to pay taxes on the royalties (unlike the inheritance we received after my grandparents died).  The problem is I don't receive a 1099-MISC and I don't see how to enter these earnings into Turbo Tax.  How do I report and pay taxes on this?

 

Thank you!

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1 Best answer

Accepted Solutions
JohnB5677
Expert Alumni

Heir to book royalties distributed by a fellow heir -- how to report taxes?

You will post this in the Income Section

  1. I'll choose what I work on
  2. in the Your 2019 Income Summary
  3. Scroll down to Less Common Income
  4. Select Miscellaneous Income
  5. Now Other Income not Reported on a W-2 ...
  6. YES Any Other Taxable Income
  7. Description could be Book Royalties
  8. Enter the amount
  9. Done
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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3 Replies
JohnB5677
Expert Alumni

Heir to book royalties distributed by a fellow heir -- how to report taxes?

You will post this in the Income Section

  1. I'll choose what I work on
  2. in the Your 2019 Income Summary
  3. Scroll down to Less Common Income
  4. Select Miscellaneous Income
  5. Now Other Income not Reported on a W-2 ...
  6. YES Any Other Taxable Income
  7. Description could be Book Royalties
  8. Enter the amount
  9. Done
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
NW0
Level 2

Heir to book royalties distributed by a fellow heir -- how to report taxes?

This answer almost got me there.  "Other Income not Reported on a W-2..." leads to a yes/no question about wages, and when you choose "no," it kicks you back out.  I went to "Other Reportable Income" instead, at the bottom of the Miscellaneous Income category.   Does that sound correct?

DawnC
Expert Alumni

Heir to book royalties distributed by a fellow heir -- how to report taxes?

Yes, that is where you want to go - Other Reportable Income, the last item on the Miscellaneous Income list.  Answer Yes, then enter a description and the amount and you are done!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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