How do I enter royalty payments received from Tiktok on Schedule E?

Forum|Forum|4 years ago
February 27, 2022
2 replies
27 views

When I enter the information from the 1099-misc and link to Sch E in ProSeries Basic, the form automatically fills in Property type 6 - Royalties. However it's asking for property description. As there is no property, what do I enter into this field? Is there a work around, or am I entering in the wrong place.

ProSeries Basic

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L

Love2CruiseAuthor

Level 5

I think I answered my own question. 😊 Is the Property and Other description "TikTok" and property address the address of TikTok?

dkh

Level 15

I would enter TikTok royalties on Property description, but I would use client's address ...... I could be wrong but that's what I would do.

L

Love2CruiseAuthor

Level 5

Turns out, and as per IRS instructions, even though the worksheet requires this information, it does not carry over to the Sch E. Only line 1b(a) is filled in on the actual Sch E.

Thanks so much for your input. Very much appreciated!

IRonMaN

Level 15

I think Sesame Street and TikTok is brought to you by the letter C, not E today. I'm thinking you are tyring to put the royalties on the wrong schedule.

Slava Ukraini!

L

Love2CruiseAuthor

Level 5

Are you sure about that? The IRS says report royalties on Sch E. Plus, the royalties for Tiktok are not for a business - they are proceeds paid as the result of how many followers the user has.

IRonMaN

Level 15

"they are proceeds paid as the result of how many followers the user has"

And the user got those followers by performing services which equals schedule C.

And you don't need to complete a 1099 in the software, you can just enter the total in sales on schedule C. The 1099 worksheet does not get submitted with the return.

Slava Ukraini!

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