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R
rfc160
February 7, 2024
Question

Do you have to file a 1099 MISC if the amount of royalties was only $77.31?

  • February 7, 2024
  • 1 reply
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1 reply

DMarkM1
DMarkM1
February 7, 2024

Yes.  All taxable income needs to be reported on a tax return.  Enter your royalty income in the Wages & Income section using the Rental/Royalty/Farm dropdown to "Start/revisit" the "Rental/Royalty" topic.  

 

The form 1099-Misc was sent to the IRS by the payer and you got a copy.  The IRS will look to reconcile that income on your tax return.   

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