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: 
russdaniels1
New Member

How do I report a royalty interest distribution on an account summy statement in lieu of 1099?

This interest is an inheritance I recently became aware of.  On the statement it showed a Royalty Interest of $1,491 and Working Interest of $431 (statement says working interest was not reported to the IRS or to the state of KS because it was below $600, royalty interest was reported to both IRS and state of KS.  Thanks for your help!
1 Reply
Carl
Level 15

How do I report a royalty interest distribution on an account summy statement in lieu of 1099?

Just work it through the Rental & Royalty Income (SCH E) section of the program. If asked if you received a 1099-MISC, select NO and press on.

About Community

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

3.49m
Members

2.62m
Discussions

Manage cookies
v