Royalty Income

Forum|Forum|3 years ago
April 11, 2023
1 reply
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I have royalty income from oil and gas. I do not have income from renting any part of the property on which the O&G income is produced. However, TT insists that I enter a value for "rents" of my property, and will not accept a zero value. I received a 1099-MISC, and have entered all information exactly as it is entered on the form. I keep getting an endless error loop. What can I do to fix this error so I can e-file my taxes?

KrisD15

Are you selecting "Other" on the "What Type of Rental is This?"

Does Form 1099-MISC have the income in Box 2?

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NotGonnaUseThisTaxServiceAgainAuthor

I have never been prompted to answer "What Type of Rental Is This". The screen prompt is "What are you here to report?" and then I choose Royalty (the other option is Rental). And yes, the amount is in Box 1.

AliciaP1

Box 1 of a 1099-MISC is for "Rents" payable to you. It does not represent royalties paid to you (that's box 2). You need to double-check the information on your form and if you believe it is reported incorrectly on the actual form, you need to contact the payer to issue a corrected 10099-MISC.

@NotGonnaUseThisTaxServiceAgain

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