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I received $2,961.51 in oil royalties in 2015. That is total

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I received $2,961.51 in oil...
I received $2,961.51 in oil royalties in 2015. That is total taxable income. Do I need to file this year? I live in OK
Submitted: 1 year ago.Category: Tax
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1/31/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 year ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,859
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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In order to better assist you, please let me know what the royalty income was from.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 year ago

My apologies, I did not see that it was oil royalties. My eyes have been playing ticks on me today. As oil royalties are taxed as ordinary income, and this was the only income that you received for the year, you do not have to file a tax return because your income does not exceed the minimum threshold amount required to file a tax return. Refer to the following link for the threshold amounts.

http://www.efile.com/tax/do-i-need-to-file-a-tax-return/

Let me know if you require further assistance with this matter. If not, a positive rating of 3 or more stars will be appreciated.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 year ago

My apologies, I see that the country is Canada, not the U.S. I did not notice that earlier. The information provided refers to U.S. taxation, not Canada. I will opt out t this point.

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Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,141
Experience: Taxes, Immigration, Labor Relations
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Hi

Can you verify - what reporting forms did you receive?

If your royalty income from Canada or from Oklahoma?

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Lev
Lev
Lev, Tax Advisor
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