DianeW777
Expert Alumni

Investors & landlords

Yes.  You should be able to go to the royalty section of the return and make sure anything that might be there is deleted.  It can be in one of two places, but the following steps should take you there. it's important to continue through the screens so that TurboTax knows there should be nothing there as you step through the screens.

 

With your return open, search for 1099-MISC and select the Jump to link in the search results.

When you enter your 1099-MISC, enter the income in Box 2 - Royalties. On the following screen, choose the source of your royalty income:

  • Investment income from property you own – This includes natural resources extracted from your property by a third party who leases your property, as well as royalties from intellectual property that you didn't create yourself. This gets reported on Schedule E.
  • Royalty income from your business, including artist royalties or operating a natural resources business (Schedule C) – This includes income from natural resources that you extract from your property as well as royalty payments from intellectual property you created as an inventor, writer, artist, and so forth. This gets reported on Schedule C.

Once you've selected the proper classification, follow the onscreen instructions.

 

You can also use the following steps to walk through the royalty income section:

  • Select Wages and Income > Scroll to Rental Properties and Royalties (Sch E) > Revisit/ Update >
  • Select Edit beside any property that is unnamed or that shows royalties > use the trash can or click delete to remove it.

It's important to clear cache and cookies, as well as browsing history on a regular basis to remove any pieces of information that should be gone.

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