I have received a 1099 MISC for oil and gas royalties in 2024. The supplemental information shows a negative deduction amount for the year. My guess is that after auditing expenses over the past 3 years the deductions previously reported were over stated. I received the negative deduction amount in the form of a check this year, but it is not reported as royalty income in box 2 (I assume it is because it was previously reported in box 2 in prior years for the gross royalties), but rather as a negative deduction.
Turbo tax will not allow me to enter a deductions amount of less than $0.00. How do I handle this negative deduction?
