Mineral royalty income

Forum|Forum|1 year ago
March 12, 2025
1 reply
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I file single with the easiest turbo tax filing. Where do I show my mineral royalty income. I have tried for the past 3 years to input when doing my taxes, but it never worked. I resolved that I didn't receive enough to have to report. But then, I got a letter from the IRS that I owed penalties and fees for a previous year. How do I correct this for last year and make sure I get this years included in Turbo Tax?

Ask the Experts - FFB - Mar 2025

MindyB

Level 13

For 2024, from the information you provided, the income from the royalties received belong on Schedule E, so you can navigate to the Rental Properties and Royalties (Sch E) entry in Wages & Income, then follow the interview questions to report the type of royalty and source of payments. If you are using the TurboTax Free Edition of TurboTax Online, you will be prompted to upgrade to prepare Schedule E.

For 2023, to make a correction, you will need to file an amended return. Open your prior return, choose to amend, then add the royalty income. See: How to File an Amended Tax Return with the IRS

Here are the instructions for reporting How do I enter a 1099-MISC for royalty income?