Your questions do not ask the necessary questions, how about the 1099's?

Forum|Forum|7 years ago
June 5, 2019
3 replies
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TurboTax Self Employed Online

Best answer by rongieg1

FORM 1099-MISC IS USED TO REPORT PRODUCTION INCOME?

IN PARTICULAR, BOX 2 REPORTS ROYALTY INCOME ( OVERRIDE ONLY). TURBO TAX LEFT BOX 2 OFF THE FORM. WHY? IRS WILL FILE A NEGLIGENCE PENALTY IF INCOME IS NOT REPORTED.

BOX 7 REPORTS NON-EMPLOYEE COMPENSATION. THIS MEANS ONE HAS A WORKING INTEREST (BUT DOESN'T WORK FOR THE COMPANY). HE RECEIVES HIS PERCENTAGE OF WELL REVENUE LESS HIS PECENTAGE OF WELL COST.

I CAN'T FIGURE WHY WHEN THE FIRST 1099-MISC IS FINISHED, THE NEXT ONE SHOULD POP UP FOR THE NEXT WELL, UNTIL ALL WELLS ARE REPORTED. AM I MISSING A BUTTON OR BOX? HELP!

I DIDN'T START OR END MY PROFESSION IN 2017. WHY AREN'T THERE A BOXES FOR YEAR STARTED AND YEAR STOPPED, IF INDEED ONE HAS STOPPED?

Anonymous

What question do you have regarding the 1099's.

SweetieJean

Alumni - Champ

1099-MISC?

rongieg1AuthorAnswer

Level 2

FORM 1099-MISC IS USED TO REPORT PRODUCTION INCOME?

IN PARTICULAR, BOX 2 REPORTS ROYALTY INCOME ( OVERRIDE ONLY). TURBO TAX LEFT BOX 2 OFF THE FORM. WHY? IRS WILL FILE A NEGLIGENCE PENALTY IF INCOME IS NOT REPORTED.

BOX 7 REPORTS NON-EMPLOYEE COMPENSATION. THIS MEANS ONE HAS A WORKING INTEREST (BUT DOESN'T WORK FOR THE COMPANY). HE RECEIVES HIS PERCENTAGE OF WELL REVENUE LESS HIS PECENTAGE OF WELL COST.

I CAN'T FIGURE WHY WHEN THE FIRST 1099-MISC IS FINISHED, THE NEXT ONE SHOULD POP UP FOR THE NEXT WELL, UNTIL ALL WELLS ARE REPORTED. AM I MISSING A BUTTON OR BOX? HELP!

I DIDN'T START OR END MY PROFESSION IN 2017. WHY AREN'T THERE A BOXES FOR YEAR STARTED AND YEAR STOPPED, IF INDEED ONE HAS STOPPED?