TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.
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Transcript of TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.
![Page 1: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/1.jpg)
TAX-AIDE
TAX-AIDE
Rent and Royalty Income
Pub 4491 – Part 3
NTTC Training – 2014 1
Entire Lesson
![Page 2: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/2.jpg)
TAX-AIDE
Intake and Interview
● Look for K-1s, 1099-MISC with Rent and/or Royalty
NTTC Training – 2014 2
![Page 3: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/3.jpg)
TAX-AIDE
Rent
● Rent income in-scope if Land OR Gas/oil lease Reported on a Form 1099-MISC -OR- Cash from individual not on 1099-MISC
● No Expenses (property tax on Sch A)
● Rent reported on a K-1 – Out-of-scope
NTTC Training – 2014 3
![Page 4: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/4.jpg)
TAX-AIDE
Rents reported on 1099-MISC
NTTC Training – 2014 4
![Page 5: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/5.jpg)
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 – 2014 5
![Page 6: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/6.jpg)
TAX-AIDE
For Rent, enter name and address on line A, enter 5 for type
NTTC Training – 2014 6
Link to 1099-MISC
![Page 7: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/7.jpg)
TAX-AIDE
TaxWise 1099-MISC Rent
NTTC Training – 2014 7
Dropdown Box
![Page 8: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/8.jpg)
TAX-AIDE
Schedule E in TaxWise
NTTC Training – 2014 8
![Page 9: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/9.jpg)
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
NTTC Training – 2014 9
![Page 10: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/10.jpg)
TAX-AIDE
For Royalty, enter name and address on line C, enter 6 for type
NTTC Training – 2014 10
![Page 11: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/11.jpg)
TAX-AIDE
For K-1 enter amount in 4 C; For 1099-MISC, link from 4C and complete 1099-MISC
NTTC Training – 2014 11
![Page 12: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/12.jpg)
TAX-AIDE
Sch E, pg 1 Transfers to 1040 line 17
NTTC Training – 2014 12
![Page 13: TAX-AIDE Rent and Royalty Income Pub 4491 – Part 3 NTTC Training – 2014 1 Entire Lesson.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e405503460f94b31b57/html5/thumbnails/13.jpg)
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 – 2014 13
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TAX-AIDE
Any Questions/Comments?
NTTC Training – 2014 14