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JGK
Level 1

Trust Oil Royaly Income on 1099-misc in TurboTax Business 2017

I am using  TT Business 2017 for a Trust return...  The Trust receives oil royalties from retained mineral rights on previously owned surface rights/ not rental real estate, etc.  The Trust receives 1099-misc's for the royalty income.  I see the section "Rentals and Royalties" where I entered the 1099-misc's information  in to schedule E, making guesses about where to enter the various income/ expense data on the 1099-misc's. 

There does not appear to be the traditional TT format for entering 1099-misc's?  That would certainly be more reassuring than guessing.  Any  suggestions?

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1 Reply
PaulaM
Expert Alumni

Trust Oil Royaly Income on 1099-misc in TurboTax Business 2017

What income/expense items are you having difficulties with?

 

You are correct that the entry format for a 1099-MISC for Box 2 royalty income is a little different than a standard 1099-MISC for other income items. You will be pulling data from the 1099-MISC form and/or royalty statements that you receive to complete the section.

 

Enter the Royalty income in box 2 in the Royalty Income field box. Then continue to enter the expenses that you have including 15% depletion, production taxes, etc.

 

 

 

 

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