@ dk1111 wrote:
How do I enter a 1099-NEC for a Royalty on Schedule E? It used to be 1099-MISC last year and it doesn't seem to have a way to pull in the 1099-NEC I entered earlier in the income section. TurboTax only seems to allow 1099-MISC.
I'm a fellow user, not a tax expert, but I'll ask a couple of questions in the interest of time. Most of the tax experts aren't around at night. But this may save some time for them to have the following info at hand. So keep watching this thread during the day, and hopefully someone will provide additional info based on the additional info you provide.
First, are you using Online TurboTax or desktop software (CD/download)?
You said your royalty was reported on a Form 1099-NEC. What kind of royalty are you referring to?
For example, is it investment income on extracted natural resources, such as royalty payments for oil/gas production on property you lease to an oil/gas company? That type of royalty payment is normally reported to you on a 1099-MISC and then goes on Schedule E.
Or is it a royalty payment from intellectual property that you did not create yourself?
Or is it a royalty payment from your business, such as intellectual property you created--invention, art, book, etc.? That type of royalty is normally on Schedule C.
Or do you have an oil/gas or other natural resources business that has royalty income?
