Yes, if I understand what you are trying to convey, You have royalties from a oil & gas property and income from a lease for the oil & gas property. Enter them individually even if you have only one 1099-MISC for both. Both would be reported on Schedule E but in two different columns like they are two separate properties, even if they are the same property.
You can enter royalties (or rent/lease payments) directly in that section or you can enter it through the 1099-MISC. Royalties are still reported basically the same way in TurboTax even though it may look slightly different.
With your return open, search for1099misc (or royalties for direct entry) and select the Jump to link in the search results.
When you enter your 1099-MISC, enter the income in Box 2 - Royalties. On the following screen, choose the source of your royalty income:
- Investment income from property you own – This includes natural resources extracted from your property by a third party who leases your property, as well as royalties from intellectual property that you didn't create yourself. This gets reported on Schedule E.
- Royalty income from your business, including artist royalties or operating a natural resources business (Schedule C) – This includes income from natural resources that you extract from your property as well as royalty payments from intellectual property you created as an inventor, writer, artist, and so forth. This gets reported on Schedule C.
Once you've selected the proper classification, follow the onscreen instructions.
@1099-MISC
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