Good evening,
I live in TX and received a 1099-MISC Royalties from a company in TX that drills in OK. Using TurboTax Premier, I have the following questions:
- 1099-MISC Line 2 Royalties: I have several options available to enter in royalties (a) OK W2 Wages, (b) OK Interest Income + Dividends, or (c) OK Rental, Partnerships, Etc. I believe my option will be 'c'. Is this correct?
- Gains or Losses from an Electing Passthrough Entity (PTE) (Yes/No): I have no idea what to enter here. I'm guessing this will be a 'Yes'.
- In selecting electing PTE 'Yes', TurboTax states "Enter any Oklahoma gains or losses covered by the election pursuant to the provisions of the Pass-Through Entity Act of 2019." If royalties = $1200, will $1200 be entered as a Gains in both "Total Amount" AND "Oklahoma Amount"?
- In the Passthrough Entity Information: I have "Passthrough Entity Name: ", "Passthrough Entity Employer ID Number: ", "Passthrough Entity Federal Taxable Income: ", and "Passthrough Entity Oklahoma Taxable Income: ". What do I need to enter for the "Federal Taxable Income" and "Oklahoma Taxable Income"? Is this where I enter $1200 under both?
- Oklahoma Adjustments: Lastly which of these applies to me "Income from an oil or gas well that is subject to depletion" or "Gain or loss from an electing passthrough entity" or "Other additions"? I do not believe the other handful of options apply to me.
Any help is greatly appreciated.
Thank you,
Tulane
