topic 1099-Misc in Business & farm

1099-Misc

Niedling — Wed, 05 May 2021 18:14:43 GMT

I recieved a $19 rotality from a gas well and recieved a 1099-misc. Do I really need to file tax forms E or C? This really isn't a business for me. I am taking standard deductions.

Re: 1099-Misc

Kat — Wed, 05 May 2021 18:46:29 GMT

I'm sorry, but yes...you do have to report the income on your tax return. A copy of the 1099-MISC is sent to the IRS, so they'll be looking for it on your return.

To enter this 1099-MISC, use the instructions I'm linking below.

How do I enter a 1099-MISC for royalty income?

Re: 1099-Misc

DMarkM1 — Wed, 05 May 2021 18:49:44 GMT

Yes, you will file a schedule E to report the Royalty payment since it is over $10.

In the "Wages & Income" tab

Scroll down to the Rentals Royalties and farm topic
"Show More"
"Start/Revisit" the "Rental/Royalty schedule E" topic