Oil and Gas Depletion deduction for California in 2024

[Californiataxguy1]

If a person has oil and gas royalty income and they take a percentage depletion deduction of 15 percent for federal purposes, do they need to show a deduction of zero for California purposes and if so, how do you do it in TurboTax?  Starting in 2024 California does not allow a deduction for percentage depletion for oil and gas income.

[PatriciaV]

Yes. Go to the California state interview and click "Start/Edit" beside "Income and Adjustment."

1. On page "Here's income that California handles differently," scroll to the bottom of the page and click Start beside "Other Adjustments to Income."
2. Enter a description and an ADDITION for the amount of percentage depletion claimed on your federal return.