The forms 1099-MISC should be deleted, then the income entered directly as royalties. Select the link for the TurboTax version you are using and delete the forms.
You'll need to delete this form --------------------.
- If you're using TurboTax Online software and need to delete a form, click here.
- If you're using TurboTax Desktop software and need to delete a form, click here.
Follow the instructions below to enter your royalty income.
- Next Open your TurboTax Desktop or TurboTax Online/Mobile return.
- Search (upper right) > type royalties > Click the Jump to.. link
- Select Yes - Income from Rentals or Royalty Property You Own > Continue on the next screen
- Start or Add another Rental or Royalty > Select 'Royalty Property or payment' > Enter the Royalty Description, Address and City
- Continue to answer the questions until you complete your royalty property
- When you come back to the screen 'Review Your___ Royalty Summary' select Royalty Income
- Select any expenses and complete your entry for Royalty Property
Depending on the type of royalties you may have depletion expenses, for example oil and gas is 15% of the royalties
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