To enter your royalty deductions in TurboTax, please complete the following steps: Sign into your TurboTax accountSelect the Federal Taxes tabWages & IncomeOn the Your Income Summary screen (TurboTax Premier edition) or the Your Business Income screen (TurboTax Home & Business edition), scroll down to the Rentals and Royalties group.Click Start/Update next to the Rentals and Royalties line and step through the royalty interviews. You want to make sure you select Royalty property or payment, then to the Your <name> RoyaltySummary screen.Click the Start/Update button next to each topic on the Your <name> Royalty summary screen to enter your rental income, expenses, assets, depreciation, and vehicle expenses.Continue to follow the prompts and enter your royalty deductions under the Expenses section, under Any Other Expenses page, you will be able to provide a description and amount.

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Mamma-Cass

Level 1

Question

I cannot find a deduction section to report my gas royalty deductions, like gathering expenses, transportation etc. Where do I put this.

Forum|Forum|7 years ago
June 6, 2019
1 reply
19 views

No text available

TurboTax Premier Online

Anonymous

To enter your royalty deductions in TurboTax, please complete the following steps:

Sign into your TurboTax account
Select the Federal Taxes tab
Wages & Income
On the Your Income Summary screen (TurboTax Premier edition) or the Your Business Income screen (TurboTax Home & Business edition), scroll down to the Rentals and Royalties group.
Click Start/Update next to the Rentals and Royalties line and step through the royalty interviews. You want to make sure you select Royalty property or payment, then to the Your <name> Royalty Summary screen.
Click the Start/Update button next to each topic on the Your <name> Royalty summary screen to enter your rental income, expenses, assets, depreciation, and vehicle expenses.
Continue to follow the prompts and enter your royalty deductions under the Expenses section, under Any Other Expenses page, you will be able to provide a description and amount.