Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

I am receiving royalties from an oil well. The well is in Oklahoma

and I live in Texas...
I am receiving royalties from an oil well. The well is in Oklahoma and I live in Texas. When I received my share the total was $232,954.41, however, 35% ($81,534.04) Federal Taxes,
$12,812.49 Oklahoma taxes, $
9,543.50 Alternative Minimum tax was taken out leaving $129,064.37.

My question is do I have to pay federal income tax on the $129,064.37 when $81,534.04 federal tax has already been paid?
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
6/3/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,858
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

NPVAdvisor :

Hi,

NPVAdvisor :

TH Federal tax (and state) was withholding

NPVAdvisor :

So it really depends on the rest f your tax situation

NPVAdvisor :

If you are still in the 35% tax bracket, then (if all of the dollars were in the 35% bracket) then you won't owe an more

Customer:

I am retired 82 yrs old only on Social secuirty

NPVAdvisor :

OK let me see .. You file jointly? or single

Customer:

single

NPVAdvisor :

You'll probably get a refund

Customer:

ok thank you for your input!

NPVAdvisor :

For single filers, $183,251 - $398,350 is at the 33% bracket

NPVAdvisor :

This will (just for this year) make 80% of your social security taxable

Customer:

okay that makes sense

NPVAdvisor :

Glad to help

NPVAdvisor :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.

NPVAdvisor :

HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,858
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now

Thanks so much Deborah,

Let me know if I can help further.



If you'd like to work with ME again just say "For Lane only" at the beginning of your next question.

Thanks Again,
Lane
Ask Your Own Tax Question
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,858
12,858 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Tax Question: Non-Resident Withholding Tax, Franchise Tax
Tax Question: Non-Resident Withholding Tax, Franchise Tax Board, CA HISTORY: 1. The property is in California 2. The owner resides in outside of California 3. Metro Property Management collects monthl… read more
abci168
abci168
Principal
27 satisfied customers
I HAVE BEEN HAVING 10% taken out for federal tax and I'd
i HAVE BEEN HAVING 10% taken out for federal tax and I'd like to cancel that how can I do that without going to the office which is about 30 miles from my house … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
What is the average % of withholding paid by employeer for
What is the average % of withholding paid by employeer for employee who is earning 100K / year… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Need instruction on Alternative NOL calculation. My 2016
Need instruction on Alternative NOL calculation. My 2016 1040 return has a NOL due to loss on sale of rental property. Carried back to 2014. Original 2014 not in AMT...NOL limited by AMT. IRS wants AN… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
I would like to know how to get my voluntary federal income
I would like to know how to get my voluntary federal income amount changed to 0. I do not want any federal income to come out of my check … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I need to get a copy of my 2015 state and federal tax. I
i need to get a copy of my 2015 state and federal tax … read more
abci168
abci168
Principal
27 satisfied customers
Where can I get the Federal income tax regulation? Where can
Where can I get the Federal income tax regulation? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Recnetl;y i recieved and withholding tax bill from the state
recnetl;y i recieved and withholding tax bill from the state of ri divison of taxation fromm 1999, is there a stue of limitations on this … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Worked in the Bronx, had NY state withholdings taken out.
Worked in the Bronx, had NY state withholdings taken out. Lived in CT. When it comes to answering the following question, how would I best answer this? Question asked: New York IT-203 - Yonkers Reside… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
726 satisfied customers
I need to prepare a non- withholding or reduce withholding
I need to prepare a non- withholding or reduce withholding certificate so my client can sign before transferring the tax to the IRS under FIRPA.My client and his brother owns an apartment for 500k 50%… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES ALIMONY PAYMENTS, WHAT CAN QUALIFY AS TO ***** REDUCE THE TAX ON THE ALIMONY RECEIVED ? CAN BUSINESS LOSES BE CARRIED OVER TO REDUCE THE TAX ON … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Im. In 2016 i filed federal taxes and used standard
in 2016 i filed federal taxes and used standard deduction, not realizing i might have some itemized deductions … read more
abci168
abci168
Principal
27 satisfied customers
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2 FROM HER EMPLOYER WITH A TYPO IN THE SOCIAL SECURITY NUMBER. TO DATE THE EMPLOYER HAS NOT PROVIDED A "CORRECTED" FORM W-2. IS THERE AN IRS "… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
US FEDERAL INCOME TAX. QUESTION: A SINGLE WOMAN OWNS A
US FEDERAL INCOME TAX. QUESTION: A SINGLE WOMAN OWNS A HOUSE, HER PRINCIPAL RESIDENCE, AND LIVES IN IT FOR 4 YEARS. IN 2017 SHE MARRIES A MAN WHO WILL ALSO USE IT AS HIS PRINCIPAL RESIDENCE BUT NOT HA… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Withholding tax. My US company "leases" employees from a
Withholding tax. My US company "leases" employees from a foreign corporation. The employees are located outside the US and are employed by that foreign corporation. The foreign corporation leases thes… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I neglected to include my federal tax withholding in my
I neglected to include my federal tax withholding in my taxes this year. Can I ask for an extension and redo my taxes for 2016 and possibly get my withholding amount back? I incorrectly read the 1099 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I actually have a Tax question. Federal Income Tax, State.
I am wondering about tax liability on a small inheritance from my mother.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
L already filed my state and Federal taxes using credit
l already filed my state and Federal taxes using credit karma, since then I received a schedule k-1 beneficiary's share of income and credit karma does not support this form and I need to file an amen… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
154 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x