Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rjhill2935
New Member

I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

WE GET ROYALTIES FROM OWNING ROYALTY INTEREST IN LAND WHERE OIL AND GAS ARE BEING EXTRACTED
1 Best answer

Accepted Solutions
view2
New Member

I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

You generally report royalties in Part I of Schedule E (Form 1040). Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.

Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"at the last screen of the 1099-misc section..

Box 1 of Form 1099-MISC is reserved for tax reporting related to rental payments.Part I of Schedule E (Form 1040)[select rental for this]  "select "Non business income from the rental of personal property or equipment.

Use a separate schedule for each type payment by selecting the correct link.

View solution in original post

4 Replies
rjhill2935
New Member

I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

NO WE HAVE REPORTED ROYALTIES FOR YEARS!  YOUR ANSWER DID NOT HELP.  YOU MESSED UP MY RETURN WITH BUSINESS CRAP!
rjhill2935
New Member

I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

yOU HAVE TO RE-DO MY RETURN.   IF YOUR QUESTION SESSION WERE SET UP TO FOLLOW THE FORM WE WOULD HAVE LESS TROUBLE REACHING AN END REPORT
view2
New Member

I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

Your ire is misdirected, I am a user just like you and was only trying to help.

This is a public forum use the link below for your solution.

You should contact TurboTax,  

How do I contact TurboTax?

<a rel="nofollow" target="_blank" href="https://support.turbotax.intuit.com/contact/">https://support.turbotax.intuit.com/contact/</a>

Have a nice day,.
view2
New Member

I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

You generally report royalties in Part I of Schedule E (Form 1040). Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.

Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"at the last screen of the 1099-misc section..

Box 1 of Form 1099-MISC is reserved for tax reporting related to rental payments.Part I of Schedule E (Form 1040)[select rental for this]  "select "Non business income from the rental of personal property or equipment.

Use a separate schedule for each type payment by selecting the correct link.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v