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Yes, you are correct that TurboTax automatically calculates Depletion when you enter your 1099-Misc for Royalty Income.
You can enter it yourself, however. The amount is 15% of your Royalty Income.
Here's more info:
https://ttlc.intuit.com/replies/7237445
Yes, you are correct that TurboTax automatically calculates Depletion when you enter your 1099-Misc for Royalty Income.
You can enter it yourself, however. The amount is 15% of your Royalty Income.
Here's more info:
https://ttlc.intuit.com/replies/7237445
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