Gas royalty income and expenses

[gigi2gb]

I'm using TurboTax Premier for 2022 taxes prep. I am reporting gas royalty income using Schedule K-1, box 7. Where do I report the associated expenses listed in Box 11, Code I. Turbo wants more detail associated with the expense amount listed. 

Since we paid quarterly estimated taxes, the amount listed as owed seems entirely wrong. It seems that the expenses aren't offsetting the royalty income. 

Please help!

GiGi

[MaryK4]

It is quite easiest to go back to the Income Summary- you will see a Schedule E for the Royalty.  You can enter the information and expenses in this section of TurboTax.  

[gigi2gb]

Thank you!

My K1 has the royalty deduction listed as "Deductions Royalty Income". Since the amount is not broken down according to type of deduction, where should I list it? Under #19 Other Expenses? The amount is significant (over 40K) so won't fit in most categories.

Thank you! 

[RobertB4444]

I usually list that kind of thing under "management fees" but "Other Expenses does" just as well.

@gigi2gb