Solved: I am trying to enter oil lease and royalties on Sc...
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mickman
Level 1

I am trying to enter oil lease and royalties on Schedule E. It says I have an error on the worksheet E though the amounts are correct. How do I get this done accurately?

I have three items, lease and two royalties but am unable to enter this on schedule E without error checks even though the data is correct.
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Accepted Solutions
RayW7
Employee Tax Expert

I am trying to enter oil lease and royalties on Schedule E. It says I have an error on the worksheet E though the amounts are correct. How do I get this done accurately?

You can go to the forms mode and look at the schedule E.  After you switch to the forms mode Schedule E will appear on the left side of the screen.

 

Look for any '! Red' marks and also look for any highlighted areas on the Schedule E.  This may give you an indication on what needs to be corrected.

 

To switch to Forms Mode, open your return and click the Forms icon in the upper-right corner of your screen (or choose Forms from the View menu at top).

The 1040 Worksheet will display and all the forms in your return will be listed on the left side. Simply select a form to open it.

To switch back to the interview, click the Step-by-Step icon in the upper right corner, or choose it from the View menu.

 

 

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2 Replies
RayW7
Employee Tax Expert

I am trying to enter oil lease and royalties on Schedule E. It says I have an error on the worksheet E though the amounts are correct. How do I get this done accurately?

You can go to the forms mode and look at the schedule E.  After you switch to the forms mode Schedule E will appear on the left side of the screen.

 

Look for any '! Red' marks and also look for any highlighted areas on the Schedule E.  This may give you an indication on what needs to be corrected.

 

To switch to Forms Mode, open your return and click the Forms icon in the upper-right corner of your screen (or choose Forms from the View menu at top).

The 1040 Worksheet will display and all the forms in your return will be listed on the left side. Simply select a form to open it.

To switch back to the interview, click the Step-by-Step icon in the upper right corner, or choose it from the View menu.

 

 

View solution in original post

Carl
Level 15

I am trying to enter oil lease and royalties on Schedule E. It says I have an error on the worksheet E though the amounts are correct. How do I get this done accurately?

We would most likely be able to offer a more useful response, if you told us what the errors are, in the order the errors are displayed to you.

When you have a mix of rental income and royalty income, one common error is entering both incomes as a single 1099-MISC entry. You have to enter each "AS IF" you received a 1099-MISC with the income reported in box 1, and then another physically separate entry of the same 1099-MISC, with only the amount entered in box 2.

 

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