Depletion Allowance: Received 1099-NEC for Oil n Gas Working Interest

[gyaqwe]

Hello experts,

I have a working interest in an Oil and Gas endeavor. I received Revenue checks from it last year (2023). That income was reported to me on a 1099-NEC. I entered this as-is in Turbotax as 1099-NEC, but now I'm trying to figure out - how to enter the 15% depletion allowance on this income.

Can someone please advise how I can go about claiming the 15% back? I'm using TT Premier Mac Version.

TIA

-G

[DianeW777]

Yes, if the income is recorded as self employment income on Schedule C, the depletion expense can be entered as other or miscellaneous expenses.  

• Search (upper right) > Type schedule c > Click the Jump to ... link > Continue to enter your expense (scroll to find miscellaneous expenses)