nacbarbour
Level 2
04-05-2023
10:48 AM
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How do I enter 1099 Misc income for oil and gas royalties on a trust return? Do I use the Oil and Gas link or is it entered through the Sch E link?
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Level 11
04-06-2023
10:07 AM
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I use the Oil & Gas screen and link it to Schedule E.
nacbarbour
Level 2
04-06-2023
12:55 PM
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Thanks. I ended up starting data entry using the Sch E screen. Then I chose royalties and filled in more such a 1099 expenses shown on the 1099 and then in the Oil and Gas section filled in more information. Do you see any pitfalls to this? The interest is a royalty interest and not a working interest.
Level 11
04-06-2023
01:03 PM
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As long as your tax return is complete and accurate, the method you use to get there isn't important.
qbteachmt
Level 15
04-06-2023
01:38 PM
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"The interest is a royalty interest and not a working interest."
I always double-check that depletion looks right, too.
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