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nacbarbour
Level 2
April 5, 2023
Question

Trust return prep

  • April 5, 2023
  • 1 reply
  • 2 views

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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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
April 6, 2023

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

    N
    nacbarbourAuthor
    Level 2
    April 6, 2023

    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
    April 6, 2023

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

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