It depends. Assuming you received a 1099-MISC for the royalty income, follow these steps in your Turbo Tax Online Premier program
- Go to federal>wages and income
-
Rentals, Royalties, and Farm>Rental Properties and Royalties (Sch E)
-
Follow the prompts including information about your Royalty property so you can enter a profile.
-
Continue answering the questions until you get to the screen that says Let's enter the income for XXXX. Here you will enter information from your 1099-MISC.
-
Enter the information exactly like it is listed on the 1099-MISC. Notice the box that says My form has other info in boxes 1-17. Check the box and then the screen will expand. Enter your federal income tax that was withheld in Box 4.
-
Once your income section is complete, the program will allow you to record your expenses.
-
The first expense category that is listed is other taxes. Here you can enter the local taxes you paid to Parker County.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
