In the HOSTNAME OR IP ADDRESS field enter the printers IP address you want to install. The “TYPE A PRINTER HOSTNAME OR IP ADDRESS” dialogue will appear. Once you have selected Create a New Port, select the type of port, which will be a Standard TCP/IP Port, then click Next. If the port exists, it will be the same as the IP address or machine name for the printer. In the unlikely event this printer was previously installed on your computer, you can look in the list under the “Use an existing port” selection. Unless you have had this printer installed on your computer previously, in the “Choose a printer port” dialogue, select Create a New Port.
Even though the printer is indeed a networked printer, you must add it as a LOCAL printer.
NOTE: This is the counter intuitive part. Toward the top left of the dialogue that appears select Add A Printer. Go to the Start menu, and choose Devices and Printers.