Oh heck, let me see if I can remember what our silly tax people did... I received a tax form (a W-2, I think) from my agent detailing the full amount I received from the publisher (plus an additional letter stating how it should be itemized to account for the commission paid to the agent). The tax form that needed to be filled out by our tax people was the 1099 (PDF from the .gov here). I believe you need to fill out a separate one for each different source o' cash (so, for instance, if you sold to Really Big Mag and Interesting Esoteric Journal in 2008, you'd need to fill out two separate forms) -- but check that if you can.
Despite popular publishing terminology, the amount of money you received as a full payment (or, in my case, as an advance) seems to be placed under line 2, "Royalties". If you have an agent, their commission goes under line 7, "Nonemployee compensation".
Anyway. I'll doublecheck our tax stuff when I get home, but I believe this is how it was done.
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13/4/09 19:26 (UTC)Despite popular publishing terminology, the amount of money you received as a full payment (or, in my case, as an advance) seems to be placed under line 2, "Royalties". If you have an agent, their commission goes under line 7, "Nonemployee compensation".
Anyway. I'll doublecheck our tax stuff when I get home, but I believe this is how it was done.