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March 6, 2020
Question

Do I deduct Prod/Taxes from the Royalties reported in box 2 on Form 1099 Misc ?

  • March 6, 2020
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March 6, 2020

When you enter your 1099-Misc for Royalty Payments, the Production Fees and Taxes Paid shown on your form will be reported as Expenses against the Royalty Income on Schedule E. 

 

You don't need to enter them anywhere else in TurboTax. 

 

Click this link for info on Royalty Expenses.