- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Is this for oil & gas? Can you separate the data on the supporting royalty documents?
If not, you can enter the data for the combined total. The total royalty income will flow into one total on line 23b, so it doesn't really matter if its separate.
Note: Be certain to deduct any production taxes,
depletion (15%) and any other expenses you have. You will only want to pay
taxes on the net amount you received, not the 1099-MISC gross. Any additional
depletion that your state may allow (OK allows an additional 7% for example) will be an adjustment under your
state taxes
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎June 4, 2019
6:19 PM