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Get your taxes done using TurboTax
I am going to assume that you went into the schedule E, got frustrated and left. Follow these steps:
- Open your return
- Go to the rental section
- continue to the summary
- select Property Profile
- Select Royalty property or payment
- Enter description - keep it simple
- Location - select U.S. or Foreign
- Enter Royalty address and owner
- continue
- All income on return? probably a yes as this is most common
- What type of Royalty Income? select your type
- Enter income from 1099-Misc
- Check the box if there was no tax withheld on your form, which is the most common.
- Depletion allowance is calculated for you
- select Finished
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March 9, 2023
3:57 PM