You can report this income in your rental and royalty section in your Turbo Tax Premier version.
- Now open Turbo tax if it is not already opened
- Go to federal>income and expenses>rental properties and royalties>Rental Properties and Royalties (Sch E)
- What are you here to report? Rental
- When it asks for a description, you will say Farmland
- Then it will ask information where this royalty is located. You may have entered this already but if you haven't, this may be useful.
- Then answer the next few questions when it asks more information about your farmland.
- After you finish your profile regarding your rental farmland, you will be taken to a rental summary screen. Here is where you will enter information recorded on your 1099-MISC.
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