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June 6, 2019
Question

How do I enter percent and cost depletion for the same K1 in Box 20 Code T?

  • June 6, 2019
  • 1 reply
  • 0 views

TurboTax asks if I want to use percent depletion or cost depletion.  How do I choose?  My K-1 has multiple T entries for box 20 including:

T1 Sustained - Assumed Allowable Depletion T2 Cost Depletion
T3 Percentage Depletion in Excess of Cost Depletion
T4 Percentage Depletion in Excess of Basis

1 reply

June 6, 2019

You must select the T code and enter the amount.

If you have T1, T3, and T4 for example, enter the following:

Code                           Amount

T??????????123.45

T??????????0

T??????????7.73

T??????????13.66


Same for Code Z entries?