Do I have to report income I have received from articles and books that I have written?
Yes, you must report, on Schedule A, income that you have received during the reporting period for any articles or books you have written. If the income is an advance that you have received or will receive in the future, Block A should include the title of the book or article as well as the name of the publisher, (e.g. Book Advance – Elements of Accounting, HarperCollins). In Block B, you should check the category of value associated with the advance. No box should be checked in Block C. If the income is a fee for an article, report the name of the payor in Block A. No boxes should be checked in Blocks B and C, but the actual amount of the fee should be entered into the ‘Other Income’ column. Royalties should also be included on Schedule A. In Block A, list the title of the book as well as the name of the publisher. In Block B, you should check the category of value associated with the book. If this value is unknown, you may state the “value is not readily ascertainable.” In Block C, you should check the ‘Rent and Royalties’ box along with the appropriate category of amount of income.
Over the past year, I have given various speeches through the Washington DC Speakers Bureau. How do I report the income?
Report any fees or honoraria over $200 that you have received for speaking as individual entries on Schedule A. The payor should be listed in Block A and the actual amount received and date of the speaking engagement should be entered into the ‘Other Income’ column in Block C (The payor is the person or organization that paid your fees, not the Washington DC Speakers Bureau). No box will be checked in Block B.
Additionally, after January 1, 2011, if you received any reimbursements or travel benefits over $350, they need to be reported on Schedule B, Part II. (The reporting threshold for reimbursements received in calendar year 2010 is $335.)