
Does this involve work like "Your" main job? - No. On the next screen ( Let's Work on Any Miscellaneous Income), click the Start or Update button for Other reportable income. Click on Start or Update button Miscellaneous Income, 1099-A, 1099-C. Many of the questions have examples or additional information that will help guide you in the process. To determine if your 1099-MISC is subject to self-employment tax, or if you have to file a schedule C will require you to answer all of the questions in the interview. The key is how you enter the follow-up questions. You can enter the 1099-MISC just as it is. If you are a self-employed writer, inventor or artist, receiving royalty income from patents, copyrights on literary, musical, artistic works, etc., then you need to report this as Business Income. Choose this for income from oil, gas or mineral properties if you own and operate the property. Royalty Income from your Business includes royalty payments received by authors, inventors, or artists natural resource properties that you operate or freelance or contract work. But an author or inventor would not typically treat income from copyrights or patents as investment income. In these cases, this income would be investment income. For example, you could purchase a copyright or inherit the right to receive royalties from a literary work. Royalties from intellectual property (patents, copyrights, trademarks, etc.) are only considered investment property income if you are not in the business of creating such works.
You may be eligible for a depletion allowance. These royalties are based on units, such as barrels, tons, etc., and are paid to you by a person or company that leases the property from you. Investment Income includes amounts received from oil, gas or mineral properties when natural resources are extracted from your property. Here are the two options in Turbotax and neither one apply: Is this the proper way to file royalties on a book? I going the business royalty route, it asks me for business name, don't have one and other questions that don't really apply so a bit confused.
It also shifts the MISC form to another category. However, then I have to go through a bunch more paperwork because "I have a business", which I really don't. It's not the first so I choose the second. I received a 1099-MISC form but there are two options for 1099-MISC source of income: So I received a nominal amount ($42) from a book sale on Amazon.