Oil Lease Royalties

[jdfrazee]

I receive royalty payments from oil and gas leases. These are reported to me on 1099-MISC forms, so I enter them when prompted to enter 1099-MISC amounts. But later on in the Turbotax program, under “Rents and Royalties,” it proves a space to enter oil lease royalties. Should I enter these royalty amounts there, too? Or is entering them at the 1099-MISC enough?

[RobertB4444 · Accepted solution]

Entering them through the 1099-MISC is all you needed to do as long as you indicated the payments were for royalties.  The other option is to enter royalties for which you did not receive a 1099-MISC.

@jdfrazee