Replies to This Discussion

Permalink Reply by Corvette on February 2, 2015 at 7:40am

No, I have been waiting. Not sure who we would even contact. From what I have read and I hope I'm wrong, the tax on   bonus money could be as high as 49%.

Permalink Reply by 0ym9x5ag7ury2 on February 2, 2015 at 4:38pm

Corvette,

      Your 1099 should be marked as Rents & Royalties as mine was in 2011.

Go to irs.gov and look at the Tax Table. Here is the Married Filing Jointly Maximum income with tax.

Amount over $457,600 is taxed at 39.6%. 

Since this is a graduated tax, you pay the percent for each bracket and you're not taxed at 39.6% for the full amount, only the amount over $457,600..

I remember hearing in 2013 about an additional 2.5% Obama Care Tax added to that making the tax on anything over $457,600 approximately 42% rounded to the nearest whole number. I've never seen the Obama Care additional percentage, but you'll want to look for it in the 1040 Instructions.

Thanks to my producer being a crook, I don't have to worry about the $1,700 in Rationed Royalties I received, pushing me into the 15% tax bracket.

I could have used the Propane in my NGLs that were taken free of charge while I'm paying $2.70 a gallon. Last year I paid $4.00 a gallon and got the same amount as this year, Zero $ per gallon.

Permalink Reply by Brett on February 2, 2015 at 5:46pm

Yikes! That's terrible. I'm beginning to hope that I don't get drilled for another 10 years. Hopefully my lease will run out and I can renegotiate.
By the way, Orange LLP claims that the 1099's we're mailed out Friday.

Permalink Reply by adam sorell on February 26, 2015 at 11:56pm

I got 1099 but NO BONUS MONEY!!!! AIN 'T THAT SOME SHIT???!!!!

Permalink Reply by Silver Dollar on February 27, 2015 at 10:11am

I received the 1099.  Their contact info on the form is

 

Great River Energy, LLC

 

6657 Frank Ave NW

North Canton, OH 44720

(817) 281-0040