TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

1099-NEC

Forum|Forum|3 years ago
April 13, 2023
2 replies
26 views

I'm 65 and NOT working. I received a 1099-NEC this year from my investment in oil & gas exploration. Besides the required header information this form only has one box. BOX 1 (non employee compensation). But when I do my return I get errors for not filling in the rest of the blocks with "NO ENTRY", because I only have one box. So I do I fix this?

Level 15

The royalties should have been reported on a 1099-Misc instead of the NEC. To properly enter this so the income goes on Schedule E, instead of choosing the 1099-NEC entries under Other Common Income select 1099-Misc then select yes you received one then enter the royalties in box 2.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

cigar6Author

Level 2

THANK YOU! Now I have to figure out why I received a NEC instead of a MISC. Have a great day!