K-1

I have a K-1 from a Trust. the Trust is in the business of managing Oil and gas mineral rights. The K-1 shows Oil and Gas Royalties on line 5, Oil&Gas Leases on line 7 and Depletion deductions on line 9. I have entered this as a single K-1.

After entering these, I note that the line 7 income and line 9 deductions are not carrying forward to Schedule E and thus Schedule 1

Do I need to enter the 3 lines as separate K-1's

364

Expert Alumni

Mar 31, 2022 8:11:28 AM

No, you should enter this as Schedule K-1 from a Trust. You'll find the income under Part III of Schedule E, p2. Depletion is netted against box 7, and the total from this K-1 is included in Line 37 of Schedule E.

This flow of numbers may be easier to follow in Forms mode. Open K-1 Trust (name on K-1) and Schedule E, p2.

Why sign in to the Community?

K-1