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