I own CROSS TIMBERS ROYALTY TRUST through E•Trade (I've already contacted E*Trade for guidence)
My 1099MISC has a royalty of $24.01 for 2022 ROYALTY DISTRIBUTION
TurboTax is asking questions I do not understand. Specifically asking for 1040 Schedule E worksheet.
It is a stock, yet I have to answer property and business questions I do not know. For example, nether of the following two options provides a solution.
I've looked at the Schedule E worksheet and it is a rabbit hole I do not understand. I usually have an easy tax filing year to year but this is very confusing.
Any help would be greatly appreciated.
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The first of those two options is exactly what this is. You invested in a trust that gets royalty income from other sources and passes it on to you.
Go to the 'Wages and Income' section of your federal return and scroll down to '1099-MISC and Other Common Income'.
Click 'start' next to 1099-MISC'
Enter the payer information and enter the $24 in the 'box 2 royalties' box.
Check 'Investment Income from Property you Own'.
The description is 'Cross Timbers Royalty Trust'. There is no address.
Now, unless you have deductions related to that trust you are done.
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