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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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