Individual Income Tax Question
I received a 1099-MISC for income from wells in which I am an unleased mineral owner. The operator listed the income in Box 7 as Nonemployee Compensation. The tax program I'm using is treating it as business income and therefore I'm having to pay self-employment tax on it. Is this correct? I don't feel this is earned income that I should have to pay Social Security on; I work for a school district and pay into the teacher's retirement fund, not Social Security. Any thoughts would be appreciated.
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Replies to This Discussion
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Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on -
Kathy, I'll add my two cents regarding casingpoints less than civil tone. Please don't let one somewhat discourteous replay lead you to abandon us. We need you. :-)
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landownerPermalink Reply by Bobi Carr ("parker") on -
Kathy, I haven't read any of casingpoints remarks before but when I read it, I thought it was an attempt at humor. It is not always easy to know the writer's intent.
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landownerPermalink Reply by casingpoint on -
Thanks for the backup, Bobi Carr. One stays around the O&G business, your skin soon turns to rawhide.
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