I have oil & gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?

irenefisherseatt · ‎April 11, 2020

KarenM90 · ‎April 11, 2020

The depletion allowance is 15% and is calculated on the followup page Enter Your Depletion Information in TurboTax when you enter the oil royalty information.

For example, if you have $1,000 in oil royalties, the depletion allowance is 1,000 x .15 (15%) or $150. You would enter that amount in the box if TurboTax does not calculate it for you.

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I have oil & gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?

I have oil & gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?

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I have oil &amp; gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?

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I have oil &amp; gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?

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I have oil & gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?

I have oil & gas royalty from property in North Dakota. I have a 1099-Misc. How do I know if I have a "depletion amount" which TurboTax asked me about?