We have received oil & gas revenue in 2023 that is an unleased interest so it is considered a working interest I'm guessing. We have made 2 tax deposits so far this year. When I calculate this in TurboTax with my revenue and deposits made so far in 2023, it shows a large refund. Do I need to continue to make tax deposit for the last 2 quarters of the year?
Hope you are having a wonderful day and thanks for reaching out. I am going to restate your question to ensure that you are getting the correct answer. Your have O&G revenue in LA and have made 2 estimated tax payment so far. When you are estimating what you expect to owe it is showing a large refund. If you feel that you have already paid in enough then you could stop paying estimated tax payments. However are you expecting more income from the working interest between now and the end of the year? Do you get a larger payment later in the year? How does this years income compare to last year? How do the estimate taxes compare to the amount you owed in 2022. If you can give me some more details I can give you a better answer or you can just compare the income of the two years and compare how much you have paid in to last year's liability and see if you have already paid in enough.
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Janet, this is our first year to receive this type of income. Last year, our refund was approx $3K. So far this year, it has increased our income by 50K. Not sure what the income will look like for the rest of 2023. Tax estimates paid so far: 15K
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