Here is how to enter this in TurboTax:
- Login and continue your return.
- Select Federal from the left side menu.
- On the Income & Expenses summary, look for Rental Properties and Royalties (Sch E), click Edit/ Add to the right.
- Answer the first question Yes.
- Add or Edit your Royalty property.
- Enter the location information, click Continue.
- Under What Type of Royalty Income? select Oil and Gas Royalty Income, click Continue.
- Enter your 1099-MISC, click Continue.
- Your Depletion should calculate automatically, but if it doesn't, it is 15% of your gross income, or in your case $42.
- If you have additional expenses, select More Expenses, otherwise Finished, in the lower right.
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