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Emm1234
Level 3
March 31, 2022
Solved

Why is the depletion not offsetting the royalty income from a K-1?

  • March 31, 2022
  • 1 reply
  • 14 views

When entering a K-1 from a LLC that has O&G income on an individual client, the system is saying my depletion is limited by passive activity. How do I fix this and get it to net the depletion against the royalty income? 

This topic has been closed for replies.
Best answer by PhoebeRoberts

Enter a 1 in "1=report depletion on Schedule E, page 1 (royalty)", which is the last item in the Oil & Gas section in Screen 20.1.

1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community ChampionAnswer
Intuit Community Champion
April 1, 2022

Enter a 1 in "1=report depletion on Schedule E, page 1 (royalty)", which is the last item in the Oil & Gas section in Screen 20.1.

    E
    Emm1234Author
    Level 3
    April 1, 2022

    Thank you! I underestimated how challenging figuring out a new system was going to be. You have been so helpful!

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