Enter depletion amounts (except for oil and gas depletion) on line 17 of the DED screen. Drake Tax does not calculate these depletion amounts – you must calculate depletion separately before making an entry.

Timber Depletion

Use Form T to determine timber depletion. Enter the final amount on the DED screen, line 17. Attach the completed form to the return as a PDF (see Drake Tax – e-File Attachments).

Oil and Gas Depletion

The partnership cannot deduct depletion on oil and gas wells. Each partner must determine the allowable amount to report on the partner's return. Use the DEPL screen for oil and gas depletion. This generates Wks DEPL in View/Print mode showing the totals. In each of the K-1 sets, you will see K-1 DEPL showing that partners allocable amount.

See Publication 535 and the 1065 Instructions for more information about reporting oil and gas depletion.

Other Entries

Additional entry fields for oil and gas depletion information are:

• Screen K1P > line 20 > code T (for a Schedule K-1 received by the partnership)

• Screen K > Other Information Cont'd tab > line 20T – Adjusts amounts carried from K1P screen, field 20, code T. You can also use the SA link to make special allocations for partners in this location.

• Screen K1 > Basis Wks tab, line 8b