Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 6, 2024 9:27:25 AM

How to report income from a book advance from a US publisher?

I am an author and my publisher is located in the US. I received a 1042S form from my agent that indicates the amount of my book advance, minus the commission they deducted. No foreign taxes were withheld. Should I classify this income under foreign income or self-employment income? Either way, how do I report it?

0 1 935
1 Replies
Moderator
Apr 6, 2024 1:51:30 PM

If this is a one time thing, then you can enter it as Foreign Income. But if you plan on going into business as an author, you can report it as self-employment income.