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Level 2
June 1, 2023
Solved

Royalties

  • June 1, 2023
  • 1 reply
  • 3 views

Good Morning,

 

I am part owner of some oil property in TX and receive royalty payments as a result.  I entered the royalty amount (1099-MISC) into Turbotax -- sadly, instead of simply filling in a Schedule E, Turbotax is forcing me to fill out Schedule C as if this is a business (it is not).  I know there is a way to get around this, but I am unsuccessful in making it happen.  Help???

    Best answer by DoninGA

    Delete the Form 1099-MISC you entered.

     

    To report the royalty payment on a Schedule E you need to enter the 1099-MISC in the Rental and Royalties section of the program.

     

    Click on Federal Taxes

    Click on Wages & income

    Click on I'll choose what I work on

    Scroll down to Rental Properties and Royalties

    On Rental Properties and Royalties (Sch E) click on the start or update button

    1 reply

    DoninGA
    Level 15
    DoninGALevel 15Answer
    Level 15
    June 1, 2023

    Delete the Form 1099-MISC you entered.

     

    To report the royalty payment on a Schedule E you need to enter the 1099-MISC in the Rental and Royalties section of the program.

     

    Click on Federal Taxes

    Click on Wages & income

    Click on I'll choose what I work on

    Scroll down to Rental Properties and Royalties

    On Rental Properties and Royalties (Sch E) click on the start or update button

    Mike_L3Author
    Level 2
    June 1, 2023

    Super!!  Worked perfectly -- Thank you!