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February 29, 2024
Question

I received a 1099-Misc OMB No. 1545-0115 for royalties. However, I cannot find a place to put the amount for Prod./Taxes that was deducted from my royalties.

  • February 29, 2024
  • 1 reply
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Please respond to this question for TurboTax2023

    1 reply

    DoninGA
    Employee
    February 29, 2024

    When you are entering your information in the section of the TurboTax program for Rental and Royalties you will be asked if you received a Form 1099-MISC.

    Enter the Form 1099-MISC as received.  The form has the amount of federal taxes withheld, if any, in box 4 of the form.  The taxes withheld will be entered on your tax return, Form 1040 on Line 25b

    DTH61Author
    February 29, 2024

    Correct but where do I enter Deduction from revenue (i.e. Production Taxes, State withholding)?