1131426
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?
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You will post this in the Income Section
You will post this in the Income Section
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?
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!
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