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nacbarbour
Level 2
Apr 5, 2023 3:48 PM UTC
Question

Trust return prep

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?

This topic has been closed for replies.

4 replies

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
Apr 6, 2023 3:07 PM UTC

I use the Oil & Gas screen and link it to Schedule E.

    nacbarbourAuthor
    Level 2
    Apr 6, 2023 5:55 PM UTC

    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.

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    Apr 6, 2023 6:03 PM UTC

    As long as your tax return is complete and accurate, the method you use to get there isn't important.

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