Oil/Gas Depletion for K-1.s in 1065 Federal and OK state 514 returns

[lzed_proconn]

Concerning ProConnect, but I have a couple issues with it regarding "deduction for depletion of any partnership oil and gas property" entry into partner K-1 forms for Federal 1065 and for OK state 514,

I've input data for a 1065 Form with an accompanying OK state Form 514. I've filled in the partners for the 1065 form, and in specific (Partner Basis Worksheets screen) entered $400 in the "Depletion deduction ... [Override]" field.

(1) this did NOT result in a K-1 form entry of 20.T = 400 for this partner. This K-1 entry will enable the partners to decide for themselves "if / how much" they can declare the depletion deduction.

(2) for the state filing, I entered (OK Miscellaneous Information screen) $714 in the "State oil and gas depletion" field. This DID nicely transfer to the OK K-1 form 514, Part 5, line 9 "Oil and Gas Depletion (OK)". But I did not find any similar field entry for Part 5, line 8 "Oil and Gas Depletion (Federal)". Did I overlook a field or is it not available?

[PhoebeRoberts · Accepted solution]

Use the Oil & Gas input screens. 

[lzed_proconn]

Thanks. Although the "Ordinary Income / Oil & Gas - Property Input / Details" screen is a bit overwhelming with the number of inputs required, for some generic inputs it does move that input to the partner's K-1 Federal form 1065 and the K-1 for OK form 514.