North Dakota Lessor's Notice of Election to Take Royalty in Kind
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How to fill out Lessor's Notice Of Election To Take Royalty In Kind?
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FAQ
North Dakota requires employers to withhold state income tax from employees' wages and remit the amounts withheld to the State Tax Commissioner.
An individual is allowed a tax credit against the tax imposed by section 57-38-30.3 for making a charitable gift to a qualified endowment. The credit is equal to forty percent of the charitable gift.
Royalties from copyrights, patents, and oil, gas and mineral properties are taxable as ordinary income. You generally report royalties in Part I of Schedule E (Form 1040 or Form 1040-SR), Supplemental Income and Loss.
The taxpayer collects the royalty payments on behalf of the manufacturer and is compensated for the collection work by retaining 15% of the royalty payment as a commission. Royalty payments received in connection with a retail sale of the patented equipment are included in retailer's gross receipts.
The highest individual income tax rate is 2.90%, resulting in a withholding tax rate of 2.15% (2.90% - 0.75%). This withholding tax rate applies to all types of royalty owners. For detailed information about exceptions see the Guideline - Oil and Gas Royalty Payments.
Royalty income is reported on Form 1099-MISC, Box 2, Royalties. The oil and gas company will generally also report related expenses, including production tax and other revenue deductions. The person will continue to receive these royalty payments while the well is still producing.
A partnership may, but is not required to, make estimated income tax payments. For more information, including payment options, obtain the 2023 Form 58-ES. A partnership must withhold North Dakota income tax at the rate of 2.90% from the year-end distributive share of North Dakota income of a nonresident partner.
Federal tax must be withheld at the rate of 30% of gross royalties unless an IRS tax treaty is applicable.
