Question

I have a natural gas 1099 with a number in box 1 (rents).

Forum|Forum|4 years ago
March 13, 2022
1 reply
0 views

I have entered this information, but it doesn't show up or have an unpact my tax bill. Am I entering them incorrectly under natural gas rents and royalties?

PatriciaV

Employee

Was this a bonus payment? Most mineral bonuses are one-time income, reported as "Rent". For this reason, you may enter this Form 1099-MISC under:

Federal Taxes
Wages & Income
Other Common Income
Income from Form 1099-MISC

When asked, check that this income was NOT related to a main job. Likewise, check that you received it only this year. Check that it didn't involve an intent to earn money.

This entry will result in your description and the amount in Box 3 appearing on Form 1040 Line 8 "Other Income." No Schedule E will be created.

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