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R
rbrownnj
June 7, 2019
Question

My royalty depletion at 22% is $2,878. At 15% is $1,963. What should I enter in Box "Total Amount" and "Oklahoma Amount" on the "Oklahoma Oil Depletion Adjustment" screen

  • June 7, 2019
  • 2 replies
  • 0 views
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2 replies

P
PaulaM
Employee
June 7, 2019

For the total amount, enter the federal amount of 15% $1963. Then enter the Oklahoma amount in next box $915 (difference btw. 22%  and 15%)

Oklahoma is allowing you to claim an additional 7% for depletion. It will report the difference on your state tax return ($915).

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    S
    soon
    March 24, 2023

    How do you handle multiple royalties in Oklahoma with depletion? Do you have to create a separate worksheet, sum the differences for each, and then enter the sum in the Oklahoma amount?

    R
    RobertB4444
    March 24, 2023

    Add all of the royalties together and then get 15% of the total and 7% of the total and enter those in their respective boxes.

     

    @soon

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