A working interest in an oil well would be reported on a Schedule C for the gross receipts, expenses and depletion. Rather than entering Form 1099-NEC under the 1099 income topic, enter this income under the Self-Employment topic for Schedule C.
To easily find this section of TurboTax, search for "schedule c" then click on "jump to Schedule C." Follow the interview to set up your working interest, 1099-NEC income, and report your expenses, including overhead, dry hole costs, legal and administrative, taxes, and other operating expenses.
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