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Deductions & credits
TurboTax should not be asking for depletion unless you are in the business of drilling for gas or oil.. Delete the royalty that you entered and enter it again following these steps.
- Federal
- Wages and Income
- Your 2020 Income Summary
- 1099-MISC and Other Common Income
- Income from Form 1099-MISC - Start or Update
- Let's get the info from your 1099-MISC
- Fill in Payer, Federal ID Number, and Box 2 - Continue
- Source of 1099-MISC Income - Select Investment income from property you own
- Select the rental or royalty that generated this income of $xx
‎February 21, 2021
2:04 PM