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We have gotten 3-4 thousand dollars back for the last 5 years.

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This year we received a...
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: 9 years ago.Category: Tax
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10/2/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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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.
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Customer reply replied 9 years ago
So since we normally receive such a high refund we shouldn't have to pay in?
Tax Professional: Marvin,EA, Enrolled Agent replied 9 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.
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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