6150: 2024 Alaska Oil and Gas Corporation Net Income Tax Return Under 15 AAC 20.421(c) (2024)
Alaska · Alaska DOR · Used for tax years 2024
Form 6150 is the 2024 Alaska Oil and Gas Corporation Net Income Tax Return under 15 AAC 20.421(c). It reports Alaska taxable income, income tax and other taxes, credits, payments, and the resulting amount due or overpayment.
Who files this form
Form 6150 is the 2024 Alaska Oil and Gas Corporation Net Income Tax Return under 15 AAC 20.421(c). It covers calendar year 2024 or a taxable year beginning in 2024.
The form does not state detailed filing requirements.
What you'll need
Have the following information and forms available, as applicable:
- The corporation’s EIN, NAICS code, mailing address, and contact information.
- Federal Form 1120 and Form 4797 amounts used in the income calculations. S corporations must attach Form 1120S.
- Records of estimated payments, extension payments, prior-year overpayments, and any quick refund from Form 6230.
- Alaska and everywhere totals for property, extraction, sales, and payroll, as applicable to Schedules I-1 and I-2.
- Forms 6300 and 6390 for credits, Form 6385 for charitable contribution carryovers, and Form 6310 for applicable expenditures.
- Federal Forms 4626 and 8991 for the other-tax calculations, if applicable.
Attach Form 6220 if Schedule A, line 9 is more than $500. Attach supporting schedules where the form requests them for non-business income and other additions or subtractions.
For a consolidated return, gather the identifying information requested in Schedule B for the corporations included in the return and, if applicable, the common parent of the federal consolidated group.
Common mistakes
- Leaving out corporations on a consolidated return. Schedule B requires all corporations with nexus in Alaska included in the return, other than the taxpayer on page 1, to be listed. The form warns that failure to complete this properly may result in penalties.
- Missing Form 6220. Attach it if Schedule A, line 9 is more than $500.
- Continuing past the stop instruction. If Schedule A, line 15 is greater than zero, the form says to stop.
- Entering a negative estimated-tax credit. Schedule A, line 16 says to enter the overpayment credited to 2025 estimated tax as a positive number.
- Ignoring the petroleum schedule’s skip instructions. On Schedule I-1, oil and gas transportation companies only must skip lines 5–8 and go to line 9. Oil and gas producing companies only must skip lines 9–12 and go to line 13.
Questions people ask
Can I apply an overpayment to next year’s estimated tax?
Yes. Schedule A, line 16 provides for an overpayment credit to 2025 estimated tax. Enter the credit as a positive number.
How do I identify an amended return?
Check the “Amended return” box on page 1. If applicable, also check the box for reporting an IRS audit or Form 1120X, or the box for a protective claim.
Where do I report tax payments?
Use Schedule C for estimated payments, payments with an extension, prior-year overpayments, and the other payment adjustments listed there. Transfer total net payments to Schedule A, line 10.
Does the form include the tax rate table?
No. Schedule D says the tax rate table is contained in the instructions. No instructions were provided with this text.