Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??

bobshowinec · ‎April 1, 2024

doloresha · ‎April 1, 2024

Hi there, this would go on Schedule E.

DianeW777 · ‎April 2, 2024

It depends. If you receive only royalties and you do not have a working interest in the mineral rights, then this income is reported on Schedule E. You would enter the income as 'Royalties' which does not require self employment tax. Then you can enter your expenses as well. If you are using TurboTax Online and need to upgrade you will be guided to do that.

How do I enter a 1099-MISC for royalties?

@bobshowinec

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Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??