DavidS127
Expert Alumni

Get your taxes done using TurboTax

Based on your information, you had $1,200 of royalty income, $132 of owner expenses, and $9 of interest income (1,200-132+9=1,077). 

 

To enter in TurboTax, click the "magnifying glass Search" icon at top left and enter "royalties".  When you hit return/enter, you should see a "Jump to royalties" link.  Click that "Jump to royalties" and you will be at the starting point for entering royalty income.  Follow the interview question to enter the $1,200 of royalty income reported to you on a 1099-MISC. 

 

When you click Continue, you'll get a screen for your Depletion deduction.  You are allowed a 15% ($180) deduction for depletion.  Then,  click "More Expenses" and you will see a screen to enter your $132 of "owner deductions" as "Management Fees" on the "Enter Common Expenses" page.  Note the depletion deduction is also on that page.

 

The $9 of interest income can be added in the "Federal>Income & Expenses>Interest and Dividends section.

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