Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
glennfam17
New Member

Oil and gas lease income

I can't see where to properly enter this income.  It is not royalty income and it is not rental income.  Where do I report this??
1 Best answer

Accepted Solutions
JohnR
New Member

Oil and gas lease income

Hi,  that.s      1099 MISC    oil and gas lease income

  • In the top menu bar of your Turbo Tax, please select Federal Taxes and then Wages and Income.
  • Start or Edit at Income from Form 1099-MISC.
  • You will now be at the correct interview process for this entry.


View solution in original post

2 Replies
JohnR
New Member

Oil and gas lease income

Hi,  that.s      1099 MISC    oil and gas lease income

  • In the top menu bar of your Turbo Tax, please select Federal Taxes and then Wages and Income.
  • Start or Edit at Income from Form 1099-MISC.
  • You will now be at the correct interview process for this entry.


Carl
Level 15

Oil and gas lease income

If this income is reported to you on a 1099-MISC in box 1 or 2, then it's reported on SCH E. It's either rental income (box 1) or royalty income (box 2). Otherwise, what tax reporting document do you have for this income and what box is it reported in on that form?

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v