Hello, I have an amount on 1099 Misc under royalties for a gas/oil stock which is a trust. When I enter the number in Box 2, the following required field is if it's schedule C or E then asks for an address. I thought it was schedule E but when I select that I get asked for the address. Is that the payer (Morgan Stanley) or the address of the Trust (Perm Rock Royalty Trust) or mine?
Yes, your royalties for gas/oil stock would be schedule E not C. The payer would be the Trust that is paying you.
Thank you, I entered the Trust as the payer and the address then it's wanting a schedule E worksheet completed asking for property description? This is a stock and the property type did pull to be Royality's which is correct. Turbo Tax shows the field as Red vs Yellow, does that mean it's required? If so, do I enter 'royality's' for the description? Then on the worksheet under Income #4 there is an amount there, double what was on my 1099 and I am unable to edit it. Finally it's asking if this is a qualified trade or business. I assume the response is Trade? Asking then again for all the information on the payer. Is there a zoom link that I could get on for someone to help?
Property description is mostly for your use. "Trust Royalty Property" seems appropriate. Yes, if the field is red, it must be completed.
If the income is reported twice, you'll need to either delete any income you entered under the Royalty Property income section or delete Form 1099-MISC (which may be easier).
It's unlikely this property qualifies for QBI, as most royalty properties do not.
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