I got a K1 from Black Stone Minerals. Following tt wizard for this, it only allows 1 entry for code T. I saw another answer here indicating that you can add the numbers up to put in the 1 entry for code T unless they are different. I'm not sure if I can from the details provided. Following is what I got:
20T1 Sustained Depletion - Working Interests 35
20T2 Cost Depletion - Royalty Interests 35
20T3 % Depletion in excess of cost depletion - wokring interests 0
20T4 Sustained Depletion - Royalty Interests 253
20T5 Cost Depletion - Royalty Interests 253
20T6 % depletion in excess of cost depletion - Royalty Interests 0
20T7 % depletion in excess of Excess of basis 0
20T8 Net Equiv Barrels 23
With that info, can I just add up the dollar amounts, not the barrels, to put in the single entry in TT for code T?
If not, what should I put in there? I looked at IRS pub 535 and it doesn't seem to list info regarding various T values.
Thanks for the help. I'm thinking these amounts won't matter too much to my taxes but I was just curious on how to deal with this in the future in case I do invest in more mineral stocks.
All Box 20, Code T entries apply to depletion of oil & gas properties.
You are correct that they are unlikely to have any effect on your taxes (at the partner-level), but they must be reportedl at the partnership level.
Also, you can have as many Box 20, Code T entries as you want - just keep adding them and the interview screen will expand to allow the entries. You can't add descriptive info, as shown on your K-1, but you can list all of them.
See the attach screenshots as an example (albeit without numbers):
TurboTax Premier should work just fine with this, as it is designed to handle investment reporting.
(I gave the example from TurboTax Self-Employed because that's what I had available for screen-shots, but TurboTax Premier handles K-1s just as well).
All Box 20, Code T entries apply to depletion of oil & gas properties.
You are correct that they are unlikely to have any effect on your taxes (at the partner-level), but they must be reportedl at the partnership level.
Also, you can have as many Box 20, Code T entries as you want - just keep adding them and the interview screen will expand to allow the entries. You can't add descriptive info, as shown on your K-1, but you can list all of them.
See the attach screenshots as an example (albeit without numbers):
I'm using TT premier. Not sure if it will let me do as you have shown. Will give it a try this evening. Thanks for your help.
TurboTax Premier should work just fine with this, as it is designed to handle investment reporting.
(I gave the example from TurboTax Self-Employed because that's what I had available for screen-shots, but TurboTax Premier handles K-1s just as well).