DaveF1006
Expert Alumni

Investors & landlords

Yes. Here is how to enter the information in the desktop version. 

 

  1. Go to Federal taxes>Wages and Income
  2. 1099-Misc and other Common Income
  3. Income from Form 1099 MISC.  Be sure to indicate this is Royalty income
  4. When you begin recording information in the form, be sure to check the box that mentions my Form has other information in Boxes 1-18. You will now have an opportunity to list the State Taxes that were withheld in Boxes 16-18. Be sure to enter the amount of royalty paid in Box 2 of the 1099 MISC form.
  5. Once this is finished and if this is properly filled out, you should see the net amount in Schedule 1 line 5 of your return that is a net amount after the 15% depletion is applied.
  6. Now you will go to the State Taxes Tab in your return and begin to prepare an Oklahoma State non resident return. Now begin allocating all your income. The only Oklahoma source income that should be claimed is the $1020 Royalty income. 
  7. Now to claim the additional depletion allowance of $84, go to:
  • The forms mode in your Turbo Tax software.
  • Go to Schedule A-H in your Oklahoma return of your software in the Forms mode and add $84 in Line 8 of this Schedule 511-NR-B Oklahoma Subtractions. Enter $84 in both columns.

Let us know if this helps.

 

[Edited 02/19/24|2:25 pm PST]

 

@Tulane 

 

 

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