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posted Jun 7, 2019 3:54:21 PM

My royalty depletion at 22% is $2,878. At 15% is $1,963. What should I enter in Box "Total Amount" and "Oklahoma Amount" on the "Oklahoma Oil Depletion Adjustment" screen

0 3 2075
3 Replies
Expert Alumni
Jun 7, 2019 3:54:22 PM

For the total amount, enter the federal amount of 15% $1963. Then enter the Oklahoma amount in next box $915 (difference btw. 22%  and 15%)

Oklahoma is allowing you to claim an additional 7% for depletion. It will report the difference on your state tax return ($915).

Level 1
Mar 24, 2023 9:30:31 AM

How do you handle multiple royalties in Oklahoma with depletion? Do you have to create a separate worksheet, sum the differences for each, and then enter the sum in the Oklahoma amount?

Expert Alumni
Mar 24, 2023 12:22:19 PM

Add all of the royalties together and then get 15% of the total and 7% of the total and enter those in their respective boxes.

 

@soon