753749
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Mark36
New Member

How do I enter percent and cost depletion for the same K1 in Box 20 Code T?

TurboTax asks if I want to use percent depletion or cost depletion.  How do I choose?  My K-1 has multiple T entries for box 20 including:

T1 Sustained - Assumed Allowable Depletion T2 Cost Depletion
T3 Percentage Depletion in Excess of Cost Depletion
T4 Percentage Depletion in Excess of Basis

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
alpfeiffer1945
Returning Member

How do I enter percent and cost depletion for the same K1 in Box 20 Code T?

You must select the T code and enter the amount.

If you have T1, T3, and T4 for example, enter the following:

Code                           Amount

T??????????123.45

T??????????0

T??????????7.73

T??????????13.66


Same for Code Z entries?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question