I have 2 royalties and only received 1 1099misc

[terryandsmitty19]

I'm invested in two oil well companies.

1) Received a 1099misc showing Nonemployee comp. as 179.58, but they used it for operator expenses.

2) Didn't receive a 1099misc from this company. There was expenses of 372.74 from a check distribution report.

How do I enter these for IRS

[DianeW · Accepted solution]

This indicates that you have a working interest in the oil wells.

Report the income as nonemployee compensation/self employment by following the steps here.  The income can be reported as though it was on a Form 1099-MISC or you can include income that was not on a Form 1099-misc.

After you add the income you will be asked about the expenses ordinary and necessary to produce that income.

1. Log into your TurboTax Premier desktop account.
2. Select the Federal Taxes tab
3. Select Wages & Income
4. Scroll to Business Income and Expense
5. Start or Update
6. Continue to enter the income and expenses

The business name and business address will be yours, if you do not have a federal employer identification number (EIN) do not enter one.