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Taxes: How/Where to Enter Royalties?
Old 04-08-2015, 10:26 AM   #1
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Taxes: How/Where to Enter Royalties?

I'm treating writing as a hobby at this point, since the income isn't that high, and I have almost no expenses. IOW, I'm not filling out a schedule C.

I'm entering data from all the 1099-MISCs that I received from Amazon and Smashwords. But in TaxAct, when entering data from a 1099-MISC, it skips box 2 (royalties) and goes right to box 3 (Other income). IOW, it doesn't give me a chance to enter the value in box 2.

Where do I enter my meager income from writing? Line 17 on the 1040 (Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E)?

Thanks,
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Old 04-08-2015, 01:01 PM   #2
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I guess I'm going to have to bite the bullet and do a schedule C. I thought I was finally done with those (consulting, software, jazz, Lena's knitting).
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Old 04-08-2015, 01:09 PM   #3
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I agree with the bad news. Schedule C for artistic (non-passive) royalties.
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Old 04-08-2015, 01:39 PM   #4
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Yeah. I've already finished, and it wasn't bad. When I brought up the 1099-MISC forms for schedule C, it let me put in the royalties.
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Old 04-08-2015, 02:49 PM   #5
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why not line 4 on Schedule E?
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Old 04-08-2015, 03:18 PM   #6
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If it is really hobby income, it would normally go on Line 21 of the 1040. If it is royalties from writing, it probably goes on Schedule E. The effect on your taxes will be the same either way.
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Old 04-08-2015, 03:41 PM   #7
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Thanks for the help. Taxes all done now!
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