Question

Royalty

Forum|Forum|1 year ago
March 11, 2025
1 reply
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I have Oil & Gas Royalty units (Permian Basin). Can I use TurboTax to report this income (Royalty Distribution)? I received a list of Fees & Expenses ( not on an IRS Form) from Vanguard-how/where do I enter that?

DawnC

Yes, TurboTax can handle your situation. Use the link below to enter your royalty income and expenses.

Where do I enter royalty income? These instructions reference a 1099-misc, but it is not required to report income. After you enter the income and set up the royalty property profile, you will be allowed to enter your expenses.

If you did not receive a 1099-misc for the income, you can also search for royalty income and use the jump to link to get to the entry spot.

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