1099-Misc for mineral royalties has two values not in boxes. "Other Deductions" and "Production Taxes". Are these "Other Taxes"? Can the deductions be expensed? Where?

edselby — Tue, 04 Jun 2019 19:48:02 GMT

These values are on the 1099-Misc, but not in a numbered box. Are the taxes entered in the program as Other Taxes? Can the Other Deductions be expensed somewhere? Where?

The expenses reported on Form 1099-MISC along with your r...

AnnetteB — Tue, 04 Jun 2019 19:48:03 GMT

The expenses reported on Form 1099-MISC along with your royalty income can be deducted on Schedule E.

Use the following steps to enter your royalty income and expenses in TurboTax:

On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

This opens a box where you can type in “royalties” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

The search results will give you an option to “Jump to royalties”

Click on the blue “Jump to royalties” link

Skip the first question or so because they will pertain to rental properties and not royalties. You will come to a screen titled, “Is This a Rental Property or Royalty?” where you can choose Royalty. You will need to enter a short description for the type of royalty and include an address for the royalty. Use your own address if the royalty is not associated with an actual property address (such as with a property lease or mineral rights). Continue moving forward until you get to a summary page for the royalty. Here you can select Start or Update beside Royalty Income to enter the income amount and the other information on the 1099-MISC.

After all the details from your 1099-MISC have been entered, you will return to the main screen for that royalty. Click Start or Update beside Expenses and click through the screens until you come to one titled Any Miscellaneous Expenses. On this screen you can enter a description and amount for the expense items reported to you.

topic 1099-Misc for mineral royalties has two values not in boxes. "Other Deductions" and "Production Taxes". Are these "Other Taxes"? Can the deductions be expensed? Where? in Investors & landlords

1099-Misc for mineral royalties has two values not in boxes. "Other Deductions" and "Production Taxes". Are these "Other Taxes"? Can the deductions be expensed? Where?

The expenses reported on Form 1099-MISC along with your r...