Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Mar 14, 2023 12:18:02 PM

1099 misc

i have entered the 1099-misc for 2022 and clicked done but it still shows 0. help! when i click edit it shows my entries.

0 2 207
1 Best answer
Expert Alumni
Mar 14, 2023 12:41:12 PM

Yes, that is normal if the amount is in box 2, and it is a royalty. 

 

If you need to add expenses related to your royalty, this is how to do that in TurboTax:

 

  1. Select Federal from the left side menu.
  2. Select Wages & Income.
  3. Scroll down and look for Rental Properties and Royalties (Sch E)
  4. Click Review on the right.
  5. Click Edit to the right of your 1099-MISC entry, or answer Yes, if you haven't entered anything yet.
  6. Select Royalty, click Continue.
  7. Fill in any missing information and Continue.
  8. On the screen, What type of royalty income is (name)? choose Oil and gas income.
  9. Continue through the questions.
  10. On the screen What additional expenses and assets did you have for (name)? you can indicate if you have any expenses. 
  11. Your Depletion will calculate automatically and if you have any fees or taxes paid, you can deduct those toward the end of the section. 
     

2 Replies
Level 1
Mar 14, 2023 12:20:57 PM

on second thought, it looks like it moved it to business income (royalties from oil & gas) is that normal?

Expert Alumni
Mar 14, 2023 12:41:12 PM

Yes, that is normal if the amount is in box 2, and it is a royalty. 

 

If you need to add expenses related to your royalty, this is how to do that in TurboTax:

 

  1. Select Federal from the left side menu.
  2. Select Wages & Income.
  3. Scroll down and look for Rental Properties and Royalties (Sch E)
  4. Click Review on the right.
  5. Click Edit to the right of your 1099-MISC entry, or answer Yes, if you haven't entered anything yet.
  6. Select Royalty, click Continue.
  7. Fill in any missing information and Continue.
  8. On the screen, What type of royalty income is (name)? choose Oil and gas income.
  9. Continue through the questions.
  10. On the screen What additional expenses and assets did you have for (name)? you can indicate if you have any expenses. 
  11. Your Depletion will calculate automatically and if you have any fees or taxes paid, you can deduct those toward the end of the section.