Oil and Gas Withholding Statement (DR 0021W) - colorado 2025

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The document is an Oil and Gas Withholding Statement (DR0021W) issued by the Colorado Department of Revenue, detailing the severance tax withheld from oil shale and oil/gas payments for a specified calendar year. It provides instructions for producers and first purchasers on how to report gross income, ad valorem taxes, and severance tax withheld. The form must be submitted annually by March 1, along with necessary information about payees and payors, to ensure compliance with Colorado's severance tax regulations.

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Click ‘Get Form’ to open it in the editor.
Begin by filling out Boxes 1-5 with the required information, including Well Name, Lease, Field, County, and American Petroleum Institute Well Number.
For Line 6, enter the total gross income on both cash and accrual bases. Ensure you report all payments made during the year for cash basis.
In Line 7, specify the gross income attributable to stripper well production for both cash and accrual bases.
Line 8 requires you to input the ad valorem tax on oil and gas production. Report only taxes actually paid for cash basis.
For Line 9, enter the ad valorem tax related to stripper well production on both bases.
In Line 10, indicate the severance tax withheld for the calendar year.
Complete Boxes 11 and 12 with your personal information as required.

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Should I use Colorado withholding certificate DR 0004?

You are not required to complete form DR 0004. For most taxpayers, completing the Colorado Employee Withholding Certificate (DR 0004(opens in new window)) may increase your take-home pay, reduce your Colorado withholding, and reduce your refund when you file your Colorado income tax return.

Do I have to file a Colorado severance tax return?

The amount withheld will be the lesser of two percent of the sales price of the interest in the property or the net proceeds that would otherwise be due to the seller as shown on the closing settlement statement.

What is a W-2 wage and tax statement?

Anyone who receives income from oil and gas production and mining of nonrenewable natural resources must file a severance tax return. Severance tax might be due even though you do not realize a net profit on your investment.

What does W-2 with Colorado withholding mean?

The W-2 provided to any employee who is a Colorado resident must report any Colorado income tax withheld from the employees wages, as well as all wages paid to the employee, except for any wages exempt from Colorado withholding because: such wages are exempt from federal wage withholding requirements; or.

What is Colorados tax rate for payroll?

IRS Form W-2, also known as a Wage and Tax Statement, reports an employees income from the prior year and how much tax the employer withheld. Employers send out W-2s to employees in January. A copy goes to the IRS.

colorado dr0021w

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How to get a Colorado withholding account?

Complete and mail in the Sales Tax/Withholding Account Application (CR 0100(opens in new window)) to apply for a 1099 or W-2G withholding account. Indicate in Box D whether you need a 1099 account or a W-2G account set up.

What is a Dr. 0021W?

DR 0021W - Oil Gas Severance Withholding Statement. Any producer, working, royalty or other interest owner of oil and gas produced in Colorado is required to pay severance tax.