A Publisher's Conversation with Authors: IRS and Royalties
It is Tuesday. Monday's madness is over, and Wednesday will take us over the hump, so Tuesday it is--for some serious discussion with authors. Tuesday talks mean to address authors in waiting and self-published authors who would like to go a more traditional route or who would at least like to take their steps with a publisher by their side. Today's post attempts to answer royalties and the filing of taxes -- yes, it is that time of year! What to File If you received more than $600 in royalties last year (2023), your publisher is required to send you a 1099 with the amount of royalties paid listed. The 1099 is due by January 30. Chances are that your publisher did not take out taxes from your royalties. That is just not "a thing," so you will have to figure out what you owe the IRS from your earnings. If you received less than $600 in royalties last year (2023), your publisher will not send you a 1099. However, you are still required to report all royalties receive...