Dr 0021w form 2026

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The document provides instructions for producers and first purchasers regarding the preparation of the DR 0021W form for severance taxpayers in Colorado. It outlines how to report gross income, ad valorem taxes, and severance tax withheld on oil and gas production, including specific guidelines for cash and accrual basis reporting. Additionally, it emphasizes the requirement for producers to withhold a percentage of gross income and submit an Oil and Gas Withholding Statement annually.

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Click ‘Get Form’ to open the DR 0021W in the editor.
In Box 1-5, enter the required information such as Well Name, Lease, Field, County, and API Well Number.
For Line 6, input the total gross income on both cash and accrual basis. Remember to include all payments made during the year for cash basis.
Line 7 requires you to enter the portion of payments from tax-exempt oil and gas production from a stripper well for both cash and accrual basis.
On Line 8, report the ad valorem tax paid during the year for cash basis and assessed amount for accrual basis.
Continue with Line 9 by entering ad valorem tax related to stripper well production.
For Line 10, indicate the severance tax withheld and remitted to the Colorado Department of Revenue.
Complete Boxes 11 and 12 with payee and payor information as required.

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How is severance taxed in Colorado?

Severance: Colorado severance tax is imposed upon nonrenewable natural resources that are removed from the earth in Colorado. The tax is calculated on the gross income from oil and gas and carbon dioxide production. Producer of nonrenewable resources must pay severance tax to the State of Colorado.

What is a Dr. 1778 form for?

The Form DR1778 is used to submit necessary tax documents to the Colorado Department of Revenue. Taxpayers who e-filed their taxes and faced issues attaching required documentation electronically should complete this form. Failure to timely submit the required documentation may lead to denial of related credits.

What is a severance tax return?

Key Takeaways. Severance tax is a state tax imposed on the extraction of non-renewable natural resources intended for consumption by other states. Severance tax is intended to compensate states for the loss of the non-renewable resources.

Do I have to file a Colorado severance tax return?

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.

How to complete the DE4 form?

Complete California State DE-4 Form Select Form DE-4 tab. Review your Full Name and Home Address. Select your Filing Status. Enter the Number of allowances you wish to claim in Section 1. Enter any Additional amount you want withheld from each paycheck in Section 2.

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Who is required to file a Colorado tax return?

According to Colorado Department of Revenue , you must file a Colorado return if you were: A full-year resident of Colorado, or. A part-year resident of Colorado with taxable income during that part of the year you were a resident, or.

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.

Do I have to report severance pay on taxes?

Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or make estimated tax payments to avoid a big bill at tax time.

Dr 0021w form 2026

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