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Niedling
Level 1
May 5, 2021
Question

1099-Misc

  • May 5, 2021
  • 2 replies
  • 32 views

I recieved a $19 rotality from a gas well and recieved a 1099-misc.  Do I really need  to file tax forms E or C?  This really isn't a business for me.  I am taking standard deductions.

    2 replies

    Kat11_2
    Alumni - Champ
    Kat11_2Alumni - Champ
    Alumni - Champ
    May 5, 2021

    I'm sorry, but yes...you do have to report the income on your tax return.  A copy of the 1099-MISC is sent to the IRS, so they'll be looking for it on your return.

     

    To enter this 1099-MISC, use the instructions I'm linking below.

    How do I enter a 1099-MISC for royalty income? 

    *** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
    DMarkM1
    DMarkM1
    Level 15
    May 5, 2021

    Yes, you will file a schedule E to report the Royalty payment since it is over $10. 

     

    In the "Wages & Income" tab

    1. Scroll down to the Rentals Royalties and farm topic
    2. "Show More"
    3. "Start/Revisit" the "Rental/Royalty schedule E" topic
    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
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