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I will have to pay 2012 taxes on a $264,000 bonus payment for

leasing my mineral rights....
I will have to pay 2012 taxes on a $264,000 bonus payment for leasing my mineral rights. I usually do not have to file in this state because I do not live there. I am 75 years old. How do I go about filing estimated quarterly payments to the State of Kansas. I will have no other income to report from this state in 2012.

How will this affect my 2012 taxes in Arizona since this is where I live?
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4/2/2012
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
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Greetings,

 

Since you have income from within Kansas a nonresident Kansas return is required.

As a resident of Arizona all income regardless of source has to be included and subject to Arizona tax. To avoid double taxation use Form 309 to figure your credit for taxes paid to Arizona and another state or country on the same income. That form will allow a credit on the Arizona return.

In order to make the computation for the Arizona credit you will have to first find out how much tax is paid to Kansas on that return before preparing the Arizona return.

 

Page 2 of the document at http://www.ksrevenue.org/pdf/k-40es11.pdf has a worksheet for estimated tax.

Single with one exemption has a deduction of 5,250 so taxable income will be about 259000.

The tax schedule says $1,462.50 plus 6.45% of excess over $30,000

 

229000 x 0.0645 = 14770.50 14770.50 + 1462.50 = 16233 estimated tax.

 

It is possible to either set up an account or make a one time payment (but no ability to see history) at https://www.kdor.org/personaltax/Login.aspx for Kansas estimated tax.

 

Or use the on page 3 of the document at http://www.ksrevenue.org/pdf/k-40es11.pdf and mail the estimated payment.

 

Please ask if you need clarification.

Thank you.

 

 

 

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