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Get your taxes done using TurboTax
Yes, that is normal if the amount is in box 2, and it is a royalty.
If you need to add expenses related to your royalty, this is how to do that in TurboTax:
- Select Federal from the left side menu.
- Select Wages & Income.
- Scroll down and look for Rental Properties and Royalties (Sch E)
- Click Review on the right.
- Click Edit to the right of your 1099-MISC entry, or answer Yes, if you haven't entered anything yet.
- Select Royalty, click Continue.
- Fill in any missing information and Continue.
- On the screen, What type of royalty income is (name)? choose Oil and gas income.
- Continue through the questions.
- On the screen What additional expenses and assets did you have for (name)? you can indicate if you have any expenses.
- Your Depletion will calculate automatically and if you have any fees or taxes paid, you can deduct those toward the end of the section.
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March 14, 2023
12:41 PM