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???
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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
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
Super!! Worked perfectly -- Thank you!
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