topic Re: Royalties in Get your taxes done using TurboTax

Royalties

Mike_L3 — Thu, 01 Jun 2023 14:48:47 GMT

Good Morning,

I am part owner of some oil property in TX and receive royalty payments as a result. I entered the royalty amount (1099-MISC) into Turbotax -- sadly, instead of simply filling in a Schedule E, Turbotax is forcing me to fill out Schedule C as if this is a business (it is not). I know there is a way to get around this, but I am unsuccessful in making it happen. Help???

Re: Royalties

DoninGA — Thu, 01 Jun 2023 15:05:57 GMT

Delete the Form 1099-MISC you entered.

To report the royalty payment on a Schedule E you need to enter the 1099-MISC in the Rental and Royalties section of the program.

Click on Federal Taxes

Click on Wages & income

Click on I'll choose what I work on

Scroll down to Rental Properties and Royalties

On Rental Properties and Royalties (Sch E) click on the start or update button

Re: Royalties

Mike_L3 — Thu, 01 Jun 2023 21:29:49 GMT

Super!! Worked perfectly -- Thank you!