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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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We have gotten 3-4 thousand dollars back for the last 5 years.

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We have gotten 3-4 thousand dollars back for the last 5 years. This year we received a bonus check for natural gas lease of 6 thousand dollars. Nothing else on our return will change income wise. Should we expect to pay in this year or just see a decrease in our return?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. Royalties income from natural gas lease will be reported as ordinary income on your federal income tax return. The $6,000 will be tax at your ordinary tax rate. If your federal tax rate is 25% you would have to pay $1,500 tax on the $6,000 received. You should expect a decrease in your refund for 2008.
Customer: replied 8 years ago.
So since we normally receive such a high refund we shouldn't have to pay in?
Expert:  Marvin,EA replied 8 years ago.
If your refund will be $3,000 without the extra $6,000 income you do not need to change the amount withheld from your W2 or estimated tax payments.
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