Question
I am trying to figure out where to input the royalty income and associated taxes from a 1099 MISC for mineral interest income. HELP!!!
I received this answer, however I believe this is for someone who owns and has expenses associated with the oil interest. It does not allow me a way of inserting information such as Payer, Federal & State Taxes withheld, etc.
To enter Royalty income that is not your business:
1. With your return open in TurboTax, type royalty income in the search bar and click search.
2. Click on Jump to royalty income.
3. On the Income from Rentals or Royalty Property You Own, answer Yes
4. On the next screen, check None of the above.
5. On the Is This a Rental Property or Royalty? screen, check Royalty property or payment. Enter the information.
6. On the next screen, answer Yes.
7. On the What Type of Royalty Income? screen, click on an appropriate category.
8. Continue answering the onscreen interview until complete.
To enter Royalty income that is not your business:
1. With your return open in TurboTax, type royalty income in the search bar and click search.
2. Click on Jump to royalty income.
3. On the Income from Rentals or Royalty Property You Own, answer Yes
4. On the next screen, check None of the above.
5. On the Is This a Rental Property or Royalty? screen, check Royalty property or payment. Enter the information.
6. On the next screen, answer Yes.
7. On the What Type of Royalty Income? screen, click on an appropriate category.
8. Continue answering the onscreen interview until complete.
