I have a production tax taken each month from my royalty check but its not reported on the 1099-misc so I wanted to deduct it as an expense but turbo tax does not have a way to enter it that I can find.
As you are entering the royalty for the first time, you can include Taxes Paid on the Enter Your Royalty Information screen (just below the royalty income box).
If you have already entered information on the royalty you can go back and enter the production tax expenses for your oil royalty by following these steps:
As you are entering the royalty for the first time, you can include Taxes Paid on the Enter Your Royalty Information screen (just below the royalty income box).
If you have already entered information on the royalty you can go back and enter the production tax expenses for your oil royalty by following these steps: