- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I entered some royalty income (from gas wells) from a 1099-MISC and Turbo-Tax wants to make me to fill out forms (Sch. C) for a small business; why is that?
There is no business involved here; the income is just gas well royalites from land previously owned by a relative, and to which I am entitled until death.
Topics:
posted
June 6, 2019
10:21 AM
last updated
June 06, 2019
10:21 AM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I entered some royalty income (from gas wells) from a 1099-MISC and Turbo-Tax wants to make me to fill out forms (Sch. C) for a small business; why is that?
You should delete the 1099-MISC and enter it in the Rental Properties and Royalties (Sch E) section directly. It should not be asking you to fill out Sch C. To start over, follow the steps below:
Enter you 1099-Misc information under Wages & Income, choose Rental Properties and Royalties (Sch E)
- Click on Yes on the screen Income from Rentals or Royalty Property You Own
- Click on continue through the next screen
- Click on Royalty property or payment on the screen Is This a Rental Property or Royalty?
- Enter the Description, Location, address and continue through screens to,
- What Type of Royalty Income? screen. Check Oil and Gas Royalty Income
- Enter your Royalty information on the next screen "Income from Rentals or Royalty Property You Owned"
- Continue through screen until done
June 6, 2019
10:21 AM
Still have questions?
Make a post