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I don't know the address where royalties are coming from just the company address

 
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3 Replies
GeoffreyG
New Member

I don't know the address where royalties are coming from just the company address

That shouldn't be a problem that prevents you from accurately completing your tax return; and we have an easy remedy for you.

The best "solution" to this situation is to simply re-enter the address of the General Partner, or the royalty site operator (that is, of the company overseeing the production of the underlying royalty income).  Or you can just use the address of the financial institution that sent you the royalty income document in the first place.  Any of these options will be acceptable to the IRS, and also for filling out Form 1040 Schedule E (i.e., royalty income).

In fact, where someone has royalty income from multiple wells or mines, and they are all operated by the same management company, then they usually have no choice but to enter a single address to "consolidate" all of the individual wells or mines together . . . and in this instance it's somewhat traditional to use the address of the extracting company's headquarters facility, rather than trying to list many different map, geographical coordinates, or street address simultaneously or together, all on the same Schedule E.

Thank you for asking this important question.

I don't know the address where royalties are coming from just the company address

But it is an issue as all the oil  rights are actually in IL on IL land.T he payer address and even the company overseeing has an address in a diffent state. When I use the out of state payer address  Turbo is stating I have out of state income, which I dont!

PatriciaV
Expert Alumni

I don't know the address where royalties are coming from just the company address

Non-resident taxpayers are required to file an Illinois state tax return if your Illinois-sourced income was more than the allowable exemption. For 2023, this is $2,425 for single taxpayers and $4,850 for married filing jointly. If the royalties you received were less than the exemption, you are not required to file a state return (and don't add Illinois to your TurboTax return).

 

However, if Illinois state income tax was withheld from the royalty payments, you would need to file a state return in order to receive a refund of those taxes.

 

@Dovetail65  

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