How do I enter depletion?

[joanmcq]

Have a #$%$ oil & gas PTP, and line 20T on the K-1 entry doesn't go anywhere. In previous years, I would simply go to the Sch E and enter it there. There is no input screen for the K-1; the royalties are just showing up on the form, and although there is a drop-down box to link an asset entry to a K-1, I can't find anywhere to enter depletion. I'm about to pull my frikkin hair out over this thing. I've been pouring over the damn fine print for about an hour & a half already.

And then I have to do it all over again for the single return since this is one of my same-sex couples.

:spaz:

[Joel]

Create a 2nd k-1 input for the same partnership adding to the name 'depletion' Then put a minus number in box 1.

[Kea]

I hate PTPs! My first year with PTPs was my last year with ATX (2009). But if memory serves me, I believe ATX also made you enter it as 2 K1s if there were values in both box 1 & 2 (or 3?). Not sure if they still do. At that time, there were instrutions on the input screen.

Good luck!

[joanmcq]

There are line instructions, and I have the flowchart from the PTP package that I am going to use to show the client why her bill is so high. The 'other income' from line 11 also appears to go nowhere. I may just override the depletion line on Sch. E. IDC are already being subtracted from the ordinary biz income on Sch E pg. 2. I don't understand why the crap that does say it's going to page 2 of Sch E isn't when I input it on that line. I've even tried to make the 'other income' go to line 21 per one other input box choice on line 11, but again, I'm not sure where it's going.

If I had more clients with this kind of crap, I might look at PPR on prosystems, like Lion uses. The other K-1 this client had was the usual interest/div/cap gains stuff. The energy PTP has TWO PAGES of additional codes that may or may not pertain to the K-1 in question, including 9 codes for line 20T. Plus two more that explain that the investor may have to file Form 926 to report cash transfers to non-US entities. Up to 7 of these forms may be required.

I literally had a screaming fit last night over this. and my hot tub drain valve broke, so my tub is out of commission. If there was ever a night I needed a soak (and a Xanax), it was last night.

I welcome any more suggestions for this $%!+.

[Kea]

I have nothing good to say about PTPs. There are a bunch of codes that seem to apply to only a few people / situations. And you have to look up each one of the blasted things only to find out it doesn't apply. Also watch for state taxes generated. These are usually small amounts and there are a few states that requires ANY income to be reported. On the plus side, most states end up with negative income. But it's just more stuff to look up (and time to bill for).

(One of my extensions has 3 of these nasty creatures. I guess I'd better get to work on it one of these days. NOT looking forward to it.)

[joanmcq]

Talked to the client today. She's going to sell it; bought it on a recommendation, and when I asked if she looked at the flowchart that came with it she said she did. Agreed it wasn't worth the distributions. I haven't had one in a while, so I don't know if they've gotten worse-usually they're a PITA, but doable. This one is worse than any I've ever seen.

Even codes for DPAD, but when you get to the end of them, you see there aren't any wages applicable, so why bother????

Still have no clue how to get depletion into the program without an override. I used to be able to do it. Anyone have program help here?