I have a Schedule K-1 (Form 1065) with multiple items in Box 20 for oil & gas depletion. Is there a certain one I enter, or do I enter all of them? I am using TurboTax Premier Desktop.
20T1 Sustained Depletion
20T2 Cost Depletion
20T3 Percentage Depletion in Excess of Cost Depletion
20T4 Percentage Depletion in Excess of Basis
When you check Box 20 and select Code T (enter no amount), a later screen will give you the choice to use either Cost or Percentage Depletion. If you choose Percentage, you will need to enter the gross income from oil & gas and the depletion rate (usually 15%). For Cost Depletion, enter the amount from Box 20 Code T2.
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