Yes, Royalty Income and Deductions from Mineral Rights are reported on Schedule E (Rental Properties & Royalties). You will need TurboTax Premier Online in order to include this schedule with your return. If you'd rather stick with TurboTax Deluxe, you will need the CD/Download version for desktop, which includes Schedule E.
To easily find this area of TurboTax, use the Search box at the top right corner of the TurboTax header and enter "royalties". Click on the "jump to royalties" link to be taken directly to this area of the program.
Follow the interview process to enter your Royalty Property, along with income reported on Form 1099-MISC and any property taxes you paid. "Other deductions" reported on Form 1099-MISC (example: production taxes), are entered under "More Expenses" in the extended interview.
If TurboTax prompts you to enter an address for the property, use the actual address if you know it (look on the property tax bill if you have one). Or use your own address. The IRS instructions say address lines 1 and 2 should be left blank, but sometimes the program won't let you continue without an address.