I have a gas royalty of only $100.00? Does it need to be reported?

posted

1 Best answer

Accepted Solutions

I have a gas royalty of only $100.00? Does it need to be reported?

Yes, all income must be reported to the IRS when you file your taxes

To enter your gas royalty income:

Go to Federal > Wages & Income
Scroll down to the Other Common Income section
Click Start next to Form 1099-MISC
Answer Yes to Did you get a 1099-MISC?
You will be able to enter your royalty income on the next screen.

View solution in original post

1 Reply

I have a gas royalty of only $100.00? Does it need to be reported?

Yes, all income must be reported to the IRS when you file your taxes

To enter your gas royalty income:

Go to Federal > Wages & Income
Scroll down to the Other Common Income section
Click Start next to Form 1099-MISC
Answer Yes to Did you get a 1099-MISC?
You will be able to enter your royalty income on the next screen.

Still have questions?

v