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OK online Form 1099-MISC: What You Should Know
Oil and gas royalties and payments were greater than the federal threshold. · #4 — oil and gas royalties exceeded the federal threshold. · #5 — the tax was not reported by the individual. Federal Taxpayers who earned more than 800,000 in wages in the tax year for which they are required to file a federal tax return must file a federal tax return (i.e., use the 1040) unless they also elect to file an extension of time to file their federal tax return. If you are an oil or gas industry employee and receive more in wages than the federal threshold, or if your employee shares a common corporation with one or more other related corporations, and they earn more than the threshold, you must take one of several alternative payment options. If you do not take the alternative payment options, the state provides all eligible oil and gas industry workers an optional 1099-MISC reporting. To learn more, click here. Oklahoma Forms/Submission Methods for State Tax Returns — StateFiling.com Oklahoma Forms/Submission Methods for Federal Tax Returns — Freewill.
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