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mar64
Returning Member

1099 misc

I have mineral rights on some property in ND. the royalties are listed in box 2 and state taxes in block 16.  However, on the top of the 1099 MISC they also include Owner deductions (covering transportation, processing and compression expenses), production taxes and severance taxes. How do I claim them for deductions?  what screen in turbo tax should i use?

 

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a month ago
last updated ‎April 02, 2024 12:58 PM
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Kat
Level 15
Level 15

1099 misc

Follow the instructions included in the TurboTax FAQ I'm sharing below to enter your 1099-MISC.  Once you've selected the proper category for Royalty Income, you should have follow-up questions about production expenses.  

 

How do I enter a 1099-MISC for royalty income? 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
a month ago
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