Oil lease payment for multiple year lease. Payment less than $600 so no 1099-MISC, where to report

Forum|Forum|1 year ago
February 20, 2025
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I got a payment for an multiple year oil lease. Payment was less than $600 so I did not receive a 1099-MISC form. Turbo Tax page requests payees Federal ID or Social Security Number. I do not have that. How do I report.

PatriciaV

Employee

If you didn't receive Form 1099-MISC, you can enter as Miscellaneous Income >> Other reportable income. This entry reports the income on Schedule 1 Line 8 and there is no need for a taxpayer ID number for the payer.

The easiest way to find this section in TurboTax Online is to Tax Tools in the left column >> Tools >> Topic Search. Type in "other reportable income", click the topic in the list, then Go. In TurboTax Desktop, use the Topic List found in the header.

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