JulieS
Expert Alumni

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:

 

  1. Select Federal from the left side menu.
  2. Select Wages & Income.
  3. Scroll down and look for Rental Properties and Royalties (Sch E)
  4. Click Review on the right.
  5. Click Edit to the right of your 1099-MISC entry, or answer Yes, if you haven't entered anything yet.
  6. Select Royalty, click Continue.
  7. Fill in any missing information and Continue.
  8. On the screen, What type of royalty income is (name)? choose Oil and gas income.
  9. Continue through the questions.
  10. On the screen What additional expenses and assets did you have for (name)? you can indicate if you have any expenses. 
  11. Your Depletion will calculate automatically and if you have any fees or taxes paid, you can deduct those toward the end of the section. 
     
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post