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T
Trishhh
Level 2
February 8, 2023
Question

Why isn't depletion calculating for royalties on Schedule E?

  • February 8, 2023
  • 1 reply
  • 17 views

On screen 18, in the oil & gas section, 15% primary oil is selected and depletion is NOT calculating.  No changes were made from 2021.  Now I have to remove the depletion selection and put the expense as an 'other deduction' so if/when it's fixed, it won't duplicate.

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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
February 8, 2023

What does your depletion schedule say? Are you sure something like the 65% of net income limitation isn't kicking in?

    T
    TrishhhAuthor
    Level 2
    February 8, 2023

    No.  These are very small royalties, under $100.

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    February 8, 2023

    So what does the depletion schedule say? I'm trying to reproduce your problem - royalty depletion is working just fine for me, including on the return I prepared this morning.

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