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Where do in enter royalty income in TurboTax? Schedule E or 1099-MIC? It is getting double counted, it seems.

 
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Employee Tax Expert

Where do in enter royalty income in TurboTax? Schedule E or 1099-MIC? It is getting double counted, it seems.

If you received a 1099-MISC for royalty income, enter it under the Rental and Royalty section, and not in the Other Common income section. This will properly link the 1099-MISC with the schedule E. Enter in the Royalty Income section on the summary page. Delete the form if you entered it elsewhere.

Note: Be certain to deduct any production taxes, depletion (15%) and any other expenses you have. You will only want to pay taxes on the net amount you received, not the 1099-MISC gross. Any additional depletion that your state may allow (OK does) will be an adjustment under your state taxes.

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