Amount on line 2 for 1099-MISC has $1944.84 and another line for Other Revenue Deductions for $927.82. Net Revenue Payment were $1017.02. Which amt do I enter?

guymcmaster · ‎June 4, 2019

PaulaM · ‎June 4, 2019

You will need TurboTax Premier to report royalty income on schedule E. After the upgrade, enter the 1099-MISC box 2 amount of $1944.84 under the Rental and Royalties section.

Then list the Other Revenue Deductions of $927.82 under the expenses on the Royalty Summary page. You can enter it as a Miscellaneous expense. 15% depletion ($292) will also be calculated.

Your final taxable amount will be: $1,944.84 - $927.82 - $292.00 = $725.02

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View solution in original post

PaulaM · ‎June 4, 2019

You will need TurboTax Premier to report royalty income on schedule E. After the upgrade, enter the 1099-MISC box 2 amount of $1944.84 under the Rental and Royalties section.

Then list the Other Revenue Deductions of $927.82 under the expenses on the Royalty Summary page. You can enter it as a Miscellaneous expense. 15% depletion ($292) will also be calculated.

Your final taxable amount will be: $1,944.84 - $927.82 - $292.00 = $725.02

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

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Amount on line 2 for 1099-MISC has $1944.84 and another line for Other Revenue Deductions for $927.82. Net Revenue Payment were $1017.02. Which amt do I enter?