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Gordoncrom
Level 2
April 10, 2020
Question

colorado oil and gas severance tax withheld

  • April 10, 2020
  • 2 replies
  • 29 views

Client received a CO DR 0021W that shows Several tax withheld.  Does anyone know where do you enter this amount in Pro-Series?

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2 replies

BobKamman
BobKamman
Level 15
April 10, 2020

As a deduction on Schedule E.  Line 16, "Taxes."  Compute depletion on the gross amount, not net after taxes.  Some states (like Oklahoma) withhold income tax, also.  You have to file a nonresident state return to get those back (or maybe pay even more).  

    L
    lrhenry04
    Level 4
    April 10, 2020

    My clients also get a 1099-Misc for Royalties which goes on Sch E with depletion as a deduction.

    They could also be eligible for a refund of the Severance tax. This requires a separate tax return- Not in ProSeries.

    https://www.colorado.gov/pacific/sites/default/files/DR0021Book_2019.pdf

    You will need pages 5, 6, & 9.

     

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