Follow these steps to enter oil and gas depletion:
- From the Input Return tab, go to Income ⮕ Passthrough K-1's.
- Select the applicable Passthrough K-1 from the drop down.
- Select the Lines 11-20 (1065), Lines 11-17 (1120S), or Lines 9-14 (1041) tab at the top of the screen.
- Scroll down to the Oil & Gas section.
- Enter the depletion associated with the activity.
- Enter 1 in 1 = report depletion on Schedule E, page 1 (royalty).