- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
1099-Misc Oil and Gas - Fustration
Maybe I'm just going about this the wrong way, but the way this appears in Turbo Tax is making it extremely difficult.
I have several 1099-Misc for oil and gas. So, I inputted all those in manually - no big deal the first time. I then saw the schedule-E form that automatically imported those 1099-MISC information in there. I had to go through each of those manually and select what type of property they were (royalty oil/gas) so I could get the 15% depletion.
I had been trying to find where I can enter the misc expenses related to these 1099 (taxes that the oil and gas operator deducted). It appears I then have to go through each of these items in the Schedule-E and re-enter the 1099-MISC information (federal ID, etc). Is there a better way than doing this all over again? - I feel like the software should just pull all these from the 1099-MISC I entered initially. It's just a lot of redundant work.