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Question

1099 misc prod. tax

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

I have a 1099-misc from oil wells and there is a "prod. tax" Where is this entered?

TurboTax Premier Online

Level 11

To enter it in Turbo Tax:

Go to Business Income & Expenses.
Select I'll choose what I work on.
Select Start or Update by Rental Properties and Royalties (Sch E).
Select + Add another rental or royalty property.
Fill out the info on the Is This a Rental Property or Royalty? page.
Choose the type of Royalty.
Enter the royalty income on the next screen.
As you go through the interview, you'll come to a screen Enter Common Expenses. Put your prod. taxes as Taxes.
Continue through the other screens till you get back to the Royalty Summary screen.