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February 1, 2021
Question

Check entry Schedule E Line 4 Royalty income

  • February 1, 2021
  • 1 reply
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It continues to ask for a royalty income on my Schedule E even though I have 0 listed on my 1099-Misc 

1 reply

February 1, 2021

If you are trying to enter rental income instead of royalty income, please follow these steps:

  1. Click on Federal  > Wages & Income 
  2. In the Rentals, Royalties and Farm Royalties section click on the Start/Update box next to Rental Properties and Royalties (Sch E). 
  3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
  4. If you have already started adding information about your rental, you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property. 
  5. If you haven't yet entered rental/royalty information, continue through the screens, entering the requested information.
  6. You will come to the screen, Review Your [property address] Rental Summary. 
  7. Click on Start/Update in the Rental Income section.  Continue through the screens to enter the income.
  8. When you have finished entering the income, you will be brought back to the Review Your [property address] Rental Summary so you can enter other categories such as expenses, vehicle expenses, depreciation, etc.