For oil and gas royalties where on Schedule E do you list Production Taxes paid and Other Deductions fees paid for well services?

[PaulaM]

Enter the production taxes under the royalty expense section in the taxes category.

For other deductions, continue a few more pages and enter them on the page, Any other expenses?

See Attachments

[Tom D III]

I'm having a difficult time finding where to enter my various 1099misc received from oil companies for my royalties.  I have TurboTax Business but can't find where to enter each individual 1099.  Thanks

[JohnW152]

Please see the TurboTax Help article “How do I enter a 1099-MISC for royalty income?” for guidance on entering oil royalties.

Royalty income from oil property is reported on Part I, Schedule E.

[Tom D III]

Thanks for reply but I need to enter in 1065 Partnership return for passthrough to partners.

Any help there?  I'm using TurboTax Business.

Thanks

[PattiF]

Yes, the royalties for the 1065 Partnership would be entered on Line 7 of the K-1. See link for K-1 form. K-1 Form 1065

After the information is entered on the K-1, the royalties will flow through to Schedule E, Page 2, Part II.

[Tom D III]

How do i enter each individual 1099?  The partnership receives one from each oil company for the amount paid to the partnership for the year.  The partnership received 7 1099-misc for 2020.  From 7 different oil and gas companies for royalties.  Thanks for your help.

[DaveF1006]

Please read this Turbo Tax article written by Paula. In this article, Paula states. "After entering the initial royalty information, enter the taxes paid on the page, Enter Your Royalty Information. Mark the box if your form had the taxes withheld on the 1099-MISC form (Boxes 4 or 16). Continue to next page to enter depletion (15% of gross), then select More Expenses.

Continue until you reach the summary page where you can enter the taxes (if not listed in box 4) and other deductions as a misc. expense. "

[Tom D III]

Thank you for response and I understand that.  What I still need to know is how to enter multiple 1099s.

The article addressed only 1 1099.  I know they do not get aggregated. They must be entered separately. That is how my CPA did it in the past.  BTW, I'm using TurboTax Business.  Thanks