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rumrichj
New Member

Income under 1099-Misc includes income from oil and gas royalty trusts that also appears on Sch E. It looks I'm being taxed twice on that income. How do I fix that?

 
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1 Reply
Irene2805
Expert Alumni

Income under 1099-Misc includes income from oil and gas royalty trusts that also appears on Sch E. It looks I'm being taxed twice on that income. How do I fix that?

If you received a 1099-MISC from oil and gas royalty trusts, just enter it in the Rental & Royalties section.  Do not enter the 1099-MISC separately--it will be counted twice.  Please follow these steps:

 

  1. On the Wages & Income screen, in the Rentals, Royalties, and Farm section, click Show More and then click the Start/Revisit box next to Rental Properties and Royalties (Sch E).
  2. If you have started entering your royalties, you will see a screen, Rental and Royalty Summary.  Click Edit next to the Royalty name.
  3. If you haven't yet entered royalties, go through the screens to enter the information.
  4. On the What Type of Royalty Income? screen, mark the Oil and Gas Royalty Income button and click Continue.
  5. Continue through the screens, entering the requested information.

If you entered the 1099-MISC separately, you can delete the form following these steps:

TurboTax Online

  1. While in your return, click on Tax Tools > Tools (in the black bar at the side of your screen).  
  2. In the Tools Center, under Other helpful links click on Delete a form.
  3. Click Delete next to the form you want to delete and follow the onscreen instructions. 
  4. Once you have finished deleting the desired form(s) click the Continue with My Return box (in the lower right of your screen).

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  1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar
  2. In the Forms in My Return list on the left, click on the form you wish to open and delete.
  3. Click on the Delete Form box at the bottom of the screen.
  4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.  

 

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