TAX-AIDE Rent and Royalty Income Form 1040 – Line 17 Pub 4012 –Page D-27 Pub 4491 –Part 3 – Lesson 13 Entire Lesson.

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Presentation transcript:

TAX-AIDE Rent and Royalty Income Form 1040 – Line 17 Pub 4012 –Page D-27 Pub 4491 –Part 3 – Lesson 13 Entire Lesson

TAX-AIDE Intake and Interview ● Look for K-1s, 1099-MISC with Rent and/or Royalty NTTC Training – TY2015 2

TAX-AIDE Rent ● Rent income in-scope if Land OR gas/oil lease Reported on a Form 1099-MISC Received from individual and not reported on 1099-MISC ● No Expenses (property tax on Sch A)  Rent reported on a K-1 – Out-of-scope NTTC Training – TY2015 3

TAX-AIDE Rents reported on 1099-MISC NTTC Training – TY2015 4

TAX-AIDE Enter Rent/Royalties on Sch E ● From Form 1040, line 17, link to [Sch E Pg 1] Select link Select [New] Select [Sch E Pg 1 – Rent & Royalty Income] NTTC Training – TY2015 5

TAX-AIDE For Rent, enter name and address on line A, enter 5 for type NTTC Training – TY Link to 1099-MISC

TAX-AIDE TaxWise 1099-MISC Rent NTTC Training – TY Dropdown Box

TAX-AIDE Schedule E in TaxWise NTTC Training – TY2015 8

TAX-AIDE Enter Royalty ● Royalties from a gas/oil lease or similar in-scope if reported on K-1 or 1099-MISC ● On Sch E, Pg 1 enter name and address; on line C, enter 6 as type  Royalty from own personal services is business income on Sch C (such as author’s or actor’s royalty) NTTC Training – TY2015 9

TAX-AIDE For Royalty, enter name and address on line C, enter 6 for type NTTC Training – TY

TAX-AIDE For K-1 enter amount in 4 C; For 1099-MISC, link from 4C and complete 1099-MISC NTTC Training – TY

TAX-AIDE Sch E, pg 1 Transfers to 1040 line 17 NTTC Training – TY

TAX-AIDE Quality Review ● Are rent and royalty entries in scope ● Has information been properly entered on Sch E ● Check for proper transfer of Sch E, pg 1 amount to 1040 line 17 NTTC Training – TY

TAX-AIDE Any Questions/Comments? NTTC Training – TY