January 19, 2021
Q. If, during 2020, we pay an individual $700 in royalty payments, and $200 in "other income," on the 1099-MISC, would we report the $700 in Box 2 Royalties AND $200 in Box 3 Other Income? Or are we only required to report the $700 in Box 2 Royalties?
(Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state reporting.)
The Royalties payments have a…
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