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ccbirnie
New Member

Input oil royalties 8 OK 1 Texas

 
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3 Replies
KarenJ
Intuit Alumni

Input oil royalties 8 OK 1 Texas

If you are asking where to input the oil royalties:

  1. Click on Federal Taxes at the top of your screen.
  2. Click on Wages & Income
  3. Scroll down to Rental Properties and Royalties
  4. Click on Start or Update (you may need to click Edit on the summary screen)
  5. Click on Royalty property or payment on screen Is This a Rental Property or Royalty
  6. When finished inputting information on one, when you get to the summary screen , click on Add Another Rental or Royalty.

https://ttlc.intuit.com/replies/4792182

Please let me know if you still have questions.


tomels
New Member

Input oil royalties 8 OK 1 Texas

My oil and gas royalties have various deductions, such as production tax and other unnamed expenses over the gross reported. I have 10 separate properties reporting royalties. Where do I report these?

 

Input oil royalties 8 OK 1 Texas

tomels:

You didn't say what product you are using.  If Online, I assume you are using Premier or higher.  In any case, it should be handled similarly in all the products that can handle royalty income/expenses.  The screen shots I have below are from the desktop version, but similar screens are in the Online version.

 

After you have entered all the mineral and royalty income, you will come to a Royalty Summary screen (first screenshot below).     Scroll down and click on Start or Update for the category for EXPENSES.

 

On the next screen, you can enter any expenses such as taxes, etc.  Depletion will likely already be calculated for you.   (screen image #2)

 

Then there will be several intervening screens that may or may not apply to you, until you come to the third screen I show below.  It is called "Miscellaneous Expenses."    There you can list any other expenses that were not on that first screen.   You can lump them as "production expenses", which is likely the easiest, or can list them by type--marketing, pipeline charges, compression, etc.

 

Click image to enlarge:

 

royalty_expenses.png

royalty_expenses2.pngroyalty_expenses3.png

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