Where do I enter percentage depletion for royalties in Proconnect Tax?
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I think more details would be helpful.
1040? Sched C? Sched E? 1065? Oil, gas, gold, gravel...Producing or leasehold or?
Sorry my bad. 1040 schedule E. Producing
I know in Proseries it goes in line 18B on schedule E
The form hasn't changed. It's columns for each property, and line 18 still is depletion. Are you looking for a worksheet?
Yea the worksheet is what I am needing help to find
In Lacerte (so likely also ProConnect), the depletion screen is called Oil & Gas. Link to Schedule E, enter at least one property.
Because dollar rounding gets material fast with multiple properties, I do my depletion in Excel and enter summary info in the O&G screen, so Lacerte can apply stuff like the 65% of net income limitation.
Here is a help article:
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