Georgia Deductions from Royalty

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US-OG-787
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Description

This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.

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FAQ

The state of Georgia offers standard and itemized deductions for taxpayers. The 2022 standard deduction allows taxpayers to reduce their taxable income by $5,400 for single filers, widowed spouses and heads of household, $3,550 for married taxpayers filing separately and $7,100 for married taxpayers filing jointly.

The 2022 standard deduction allows taxpayers to reduce their taxable income by $5,400 for single filers, widowed spouses and heads of household, $3,550 for married taxpayers filing separately and $7,100 for married taxpayers filing jointly.

Royalty Copyright Tax is withheld at the rate of 5% on royalties paid to non-residents.

2022 Standard Tax Deduction for Seniors Over 65 Years of Age with the Standard Deduction Increase*: Filing Status2022 Standard Deduction Under 65 Years of Age2022 Additional Standard Deduction Over 65 Years of AgeSurviving Spouses$25,900$2,800Head of Household$19,400$1,7503 more rows

In 2022, Georgia's standard deduction increased for single taxpayers, married taxpayers filing jointly, and other taxpayers. The individual standard deduction for full-time Georgia residents is now: $5,400 for single/head of household taxpayers and qualifying surviving spouses. $7,100 for married couples filing jointly.

Federal tax must be withheld at the rate of 30% of gross royalties unless an IRS tax treaty is applicable. See IRS Tax Treaty Table 1 (Royalties).

Georgia offers a tax exclusion on up to $35,000 of retirement income earned by people 62 to 64, or up to $65,000 earned by those 65 and older. (If you're married, you and your spouse both may qualify, but each must qualify separately. If you're a part-year resident, your retirement exclusion will be prorated.)

¶15-535, Personal Exemptions $7,400, for married filing jointly; $3,700, for each married taxpayer filing separately; and. $3,000 for each dependent taxpayer.

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Georgia Deductions from Royalty