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Have a client that has two small royalty amounts from separate 1099 MISC statements. I'm entering all the information on screen 14.1, but the royalty income amounts are not transferring to clients' Schedule 1.
I called Lacerte this morning and was told to enter the information in screen 14.1 as other income. But my question is why allow a user to enter 1099 MISC income, entering all the payer information and have boxes for the separate income types on the 1099 MISC, only to have you enter it as other income?
Any help would be appreciated. I know I can go the easy route on this, but just want to understand why I'm doing it that way.
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Use Screen 18 Rental & Royalty Income (Schedule E) to report royalty income and expenses.
On Screen 18, on the lower section of the left column, click Rental & Royalty Income, and then complete Description of property, etc., including Type of property (Ctrl+T): Royalties
