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How should we report income from show-businesss (acting)

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residuals earned by a deceased...
How should we report income from show-businesss (acting) residuals earned by a deceased spouse? We normally receive a 1099 Misc for this but we are not a business entity, just a surviving spouse receiving these residuals.
Submitted: 1 year ago.Category: Tax
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Answered in 13 minutes by:
2/29/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,192
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

As they are not your business income you would report that on line 21 as OTHER INCOME.

If you are active in the profession related to the residuals (very like royalties) you receive, the money will be considered compensation subject to self-employment taxes. If not, you won't be assessed the self-employment tax

Net profit from self-employment over $400 is subject to self-employment tax. Once expenses have been properly allocated, insure that any net profit or loss is considered in determining the taxpayer's net self-employment income. Residual payments that do not have FICA withholding should be assessed self-employment tax if a net profit is realized after related expenses, if any, are deducted.

Please remember to rate my service excellent once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

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