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patriotduck7
New Member

I had more royalty income from chesapeake but they didnt send a 1099

 
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GeoffreyG
New Member

I had more royalty income from chesapeake but they didnt send a 1099

Even if you didn't receive a Form 1099-MISC from your royalty payer (Chesapeake), you still do need to declare any such income as taxable.

If you have a Form 1099-MISC, for royalty income from this same company, listed elsewhere on your tax return, then you can safely leave that alone and just enter this "other" royalty income as a separate item.  While technically a taxpayer can combine more than one such royalty stream on the same property, it is mechanically easier to handle (and describe) the data entry process for a single, new, royalty item.  Thus, that is how we will proceed.

Entering royalty income without a Form 1099-MISC, into TurboTax, is really quite straightforward.

First, have your tax return file open, and then locate the Find / Search box.  Enter the exact words "royalty income" into the field, click the button, and a Jump To link should appear beneath.  Click on that and you'll be taken to the appropriate royalty data entry section of the program.

Next, fill out your information as necessary for the royalty property, along with total dollar amount of income you need to report.  You can use the screen-capture image below as a visual guide to begin (simply click to open).

Once completed, your income will show up on Form 1040 Schedule E, exactly where the royalty entry should be.  For confirmation, we ran a hypothetical royalty property example completely through the program, to the very end, in order to verify that this process works.

Thank you for asking this question.

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1 Reply
GeoffreyG
New Member

I had more royalty income from chesapeake but they didnt send a 1099

Even if you didn't receive a Form 1099-MISC from your royalty payer (Chesapeake), you still do need to declare any such income as taxable.

If you have a Form 1099-MISC, for royalty income from this same company, listed elsewhere on your tax return, then you can safely leave that alone and just enter this "other" royalty income as a separate item.  While technically a taxpayer can combine more than one such royalty stream on the same property, it is mechanically easier to handle (and describe) the data entry process for a single, new, royalty item.  Thus, that is how we will proceed.

Entering royalty income without a Form 1099-MISC, into TurboTax, is really quite straightforward.

First, have your tax return file open, and then locate the Find / Search box.  Enter the exact words "royalty income" into the field, click the button, and a Jump To link should appear beneath.  Click on that and you'll be taken to the appropriate royalty data entry section of the program.

Next, fill out your information as necessary for the royalty property, along with total dollar amount of income you need to report.  You can use the screen-capture image below as a visual guide to begin (simply click to open).

Once completed, your income will show up on Form 1040 Schedule E, exactly where the royalty entry should be.  For confirmation, we ran a hypothetical royalty property example completely through the program, to the very end, in order to verify that this process works.

Thank you for asking this question.
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