1099 – MISC.: royalties 373.79; state tax withheld 18.32. Deductions 221.41.. I can't just put – deductions 221.41 can I? Without specifying what deductions ?

[dennispettibone]

Stuck on 1099 – MISC.. The document says – royalties 373.79; state income tax withheld 18.32. Deductions 221.41. It doesn't spell out what the deductions are. In previous years, when I wrote to them they would give me a break down, and I would include that in my tax form. But I can't just put – deductions 221.41 can I? Without specifying what those deductions are? What can I do?

[view2]

 Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses"  radio button generally on depletion screen.] YES!!

What are “other taxes” and “other deductions”?

Other Taxes are your share of state severance taxes.

Other Deductions are your share of gathering and marketing charges.

There is no standard format for royalty statements

Making the product  ready for market are the statements deduction , maybe on front and sometimes on the back and sometimes combined.on the 1099..

Common line items you may notice on your royalty  include:

    compression deduction – a charge for compression of gas to a sufficient pressure to enter into a gathering or transportation pipeline

    dehydration deduction – a charge for dehydration of gas, meaning the removal of water vapor from natural gas

    gathering deduction – a charge for pipeline gathering of a product to a common sales point

    processing deduction – a charge for expenses related to further refinement of high BTU natural gas

    treating deduction – a charge for removing impurities such as co2, nitrogen, or hydrogen sulfide from a hydrocarbon stream

And then they may not be separated.

[Glo22]

Can you tell me where to put state tax withheld on a 1099-misc for royalty income? I can't seem to find a place to enter the withholding

Thank you

[PattiF]

In TurboTax Online, in the Royalty section

• Enter information about payer, answer prompts until you see Let's enter the income for your oil royalty
• Check box for Form 1099-MISC and Continue
• Fill out form with information on 1099-MISC
• Below Box 2 check My form has other info in boxes 1-17,
• Boxes 15-17 will be available to enter State Tax Withheld.