The oil depletion is set for 15% of income and should come up automatically when going through Property Profile.
- Sign into TurboTax
- Click Take me to my return
- Click on Federal in left column
- Scroll down to Rental Properties and Royalties (Sch E) and click Edit/Add
- Next screen Yes - Next Screen answer and Continue
- Rental and Royalty Summary - Edit your royalty
- Click on Property Profile Update
-
Enter data for royalty and Continue
- Next screen Yes or No and Continue
- Next screen Click on Oil and Gas Royalty Income and Continue
- Enter you Royalty Income and taxes paid if any and Continue
- Next screen should be populated with the depletion amount
