Question

Robinhood Royalties

Forum|Forum|6 years ago
February 21, 2020
1 reply
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I auto imported my Robinhood tax forms and data, and for an oil stock I barely remember owning, I received $12 bucks in royalties. The problem is that turbo tax wants me to complete a 1099-MISC, and select the form on which to report the income. Can anyone walk me through what to do?

I don't remember anything about this stock or why I received royalties.

TurboTax Home & Biz Windows

DavidS127

To enter your royalties in TurboTax, click the "magnifying glass Search" icon on the top row and enter "royalties". When you hit return/enter, you should see a "Jump to royalties" link. Click that "Jump to royalties" and you will be at the starting point for entering royalty income. Follow the interview question to enter the oil production royalties reported to you.

When you click Continue, you'll get a screen for your Depletion deduction. You are allowed a 15% deduction for depletion.

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