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Do I have to claim oil royalties under $400?

Do I have to claim royalties under &400?
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Level 15

Do I have to claim oil royalties under $400?

Yes. The $400 limit you are thinking about is for "active" business income reported on a SCH C. Your royalty payment is "passive" income, and gets reported on SCH E. You'll pay regular income tax on that money, and it does not count towards your future Social Security or Medicare benefits

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