Gordoncrom
Level 1
04-10-2020
12:14 PM
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Client received a CO DR 0021W that shows Several tax withheld. Does anyone know where do you enter this amount in Pro-Series?
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BobKamman
Level 15
04-10-2020
01:51 PM
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As a deduction on Schedule E. Line 16, "Taxes." Compute depletion on the gross amount, not net after taxes. Some states (like Oklahoma) withhold income tax, also. You have to file a nonresident state return to get those back (or maybe pay even more).
lrhenry04
Level 3
04-10-2020
06:30 PM
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My clients also get a 1099-Misc for Royalties which goes on Sch E with depletion as a deduction.
They could also be eligible for a refund of the Severance tax. This requires a separate tax return- Not in ProSeries.
https://www.colorado.gov/pacific/sites/default/files/DR0021Book_2019.pdf
You will need pages 5, 6, & 9.