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April 14, 2023
Question

1099-NEC Oil Royalties

  • April 14, 2023
  • 1 reply
  • 0 views

I receive both a 1099_MISC and 1099-NEC from the same oil company. I believe the NEC is for Oil Royalties from fracking into other ownership properties but I am not sure. Responses I have seen on the community site indicate that Tubo Tax 1099-NEC for oil royalties should be entered as if it were reported oa a 1099-MISC. However, I can't do that as I have a 1099-MISC for oil royalties from the same oil company as well. Any suggestions would be appreciated.

    1 reply

    April 14, 2023

    You should add the amounts together and enter as the 1099-MISC entry.

    mikeblongAuthor
    April 18, 2023

    Thank you so much. I was able to pass on the information to my brother.