June 6, 2019 2:40 AM
To enter your royalty deductions in TurboTax, please complete the following steps:
- Sign into your TurboTax account
- Select the Federal Taxes tab
- Wages & Income
- On the Your Income Summary screen (TurboTax Premier edition) or the Your Business Income screen (TurboTax Home & Business edition), scroll down to the Rentals and Royalties group.
- Click Start/Update next to the Rentals and Royalties line and step
through the royalty interviews. You want to make sure you select Royalty property or payment, then to the Your <name> Royalty
- Click the Start/Update button next to each topic on the Your <name> Royalty summary screen to enter your rental income, expenses, assets, depreciation, and vehicle expenses.
- Continue to follow the prompts and enter your royalty deductions under the Expenses section, under Any Other Expenses page, you will be able to provide a description and amount.