Get Dr 0021w 2024 Oil And Gas Withholding Statement

This guide provides comprehensive instructions for users on how to fill out the DR 0021W 2024 Oil and Gas Withholding Statement online effectively. Whether you are a producer or a first purchaser, following these steps will ensure that you complete the form accurately.

Follow the steps to complete the form successfully.

1. Click the ‘Get Form’ button to access the DR 0021W 2024 Oil and Gas Withholding Statement and open it in your preferred online editor.
2. In Box 1, enter the well name. This is the specific name designated for the oil or gas well.
3. In Box 2, provide the lease information. This refers to the contractual agreement related to the oil and gas rights.
4. In Box 3, specify the field associated with the oil or gas production. The field represents the geographical area of extraction.
5. In Box 4, enter the county where the well is located. Accurate county information is necessary for proper tax reporting.
6. In Box 5, input the American Petroleum Institute Well Number. This unique identifier is critical for tracking and documentation purposes.
7. On Line 6, report the total gross income made to the interest owner, on both cash and accrual basis. Ensure to include all payments made within the year.
8. On Line 7, specify the portion of payments that are from tax-exempt oil and gas production related to a stripper well, using both cash and accrual basis.
9. On Line 8, enter the ad valorem tax amount on oil and gas production for both cash and accrual basis. Report only those taxes actually paid for cash basis.
10. On Line 9, provide the ad valorem tax related to oil and gas production specifically from a stripper well, using both cash and accrual basis.
11. On Line 10, report the amount of severance tax that has been withheld and remitted to the Colorado Department of Revenue for the calendar year.
12. In Box 11, enter the required information of the payee, including last name, first name, Social Security Number or Individual Taxpayer Identification Number, and address.
13. In Box 12, provide the information of the payor, ensuring to include their last name, first name, FEIN, and address.
14. Once all fields have been accurately filled out, review the form for any discrepancies. You can then save your changes, download the completed form, print it, or share it as necessary.

Complete your documents online today for a smoother filing experience.