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December 30, 2021
Question

I receive Form 1099 MISC from ABC Company for XYZ Royalty. However, nothing ever appears on Schedule E, Part I, B (A). This line comes out blank with Turbo Tax.

  • December 30, 2021
  • 1 reply
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A well from a specific oil company does not show on that line. The dollar amounts appear correctly identified as "6" (a royalty), but no name of well or payor, just blank.

1 reply

December 30, 2021

You can Edit your Royalty entry to add a name/address for your oil well.

 

  • In the Income & Expenses section, scroll down to Rental Properties and Royalties (Sch E).
  • Choose EDIT to the right of your Royalty on the Rentals and Royalties Summary page.
  • Choose Oil & Gas and Continue.
  • You are asked if you made any payments that required a 1099 form and if you distributed part of your royalty to another party.
  • Continue to 'Review your Royalty Info' and choose Edit under General Info. 

 

You should then get a screen where you can enter a Royalty Name/Address