I have a 1099 Misc for oil royalties. I have entered in income amount in both the 1099 misc section and the royalty section of Turbo Tax. The income amount appears twice in my total income. Which section do I enter this income so I am not being taxed twice for the same income?
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you do not enter the same income in two places. 1099-misc or schedule E but not both. the 1099-Misc royalties are carried to schedule E.
I have a small percentage mineral right for oil / nat'l gas production. I have a 1099 misc. from a very small local oil company for my share of production with a dollar amount in box 2, i.e. royalties. Using Turbo Tax deluxe, I enter that $ amount on the QnA screen and the software then assumes that I am a small business and starts asking additional questions regarding business expenses, operating costs, etc. I have none, except for a 91 cent county tax bill. How do I load Turbo Tax so it does not go through the business related items?
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