When will 1099s be sent out on royalty checks for 2019?

2019 was the first year I received royalty checks. Will EOG send 1099s and if they do, when can I expect it? Thanks in advance to anyone with information regarding this.

By law 1099s must be sent out by the end of January

That’s what I’m waiting to see… Chesapeake has been laying off people left an right. Sure hope they kept enough around to get these out before they collapse.

You don’t need a 1099 to file your taxes. Hopefully you have kept good records so you know what you have been paid.

Having a 1099 is much more efficient than going through every check stub to glean information such as deductions, State income tax, production tax and other information. All my direct deposits with check stubs are backed up on my computer in case I need to reference them.

Until they are wrong.

I have kept all the check stubs and I have them on my computer. But I think I’d rather have a 1099 so I can see where things should be reported, especially this first time. I don’t see anything like State Income Tax or Federal Income Tax.

If you are not a resident of Oklahoma and a company is paying you revenue from a well in Oklahoma, the company is required to withhold Oklahoma Tax, kind of forcing you to file an Oklahoma tax return to get any of that money that was withheld, back. The amounts reported on most 1099’s are “gross” amounts paid, not what your actual check is. If in Oklahoma, the actual check will take the gross and subtract out gross production taxes, etc. Royalty income is reported as ordinary income.

That chance is always there no matter what your source of information is. I’ve received many check stub statements that contain page after page of corrections some of them going back several years, usually a dollar here dollar there. With oil and gas operators you never really know for sure what’s right and what’s wrong.

Be sure and save those royalty check stub run statements for seven years for IRS backup.

I believe that Oklahoma requires you to file the 1099’s with your tax returns to insure you are filing the correct amount of Oklahoma Income tax. Am I right?

No. You are only required to report what you make. If they want back up, they will ask you for it. They have the 1099’s from the payor and will add up what those are and your return should be something very close to that. You are required to show those 1099’s that reflect if there were withholdings for either state of federal taxes.

I just received my last 1099 from an Oil company today. I always wait for the 1099 as they are usually different than what my checks are by a few pennies. If it’s several dollars, I call them and get it right. And if you are out of state, Oklahoma keeps a lot of your check, so you have to file to get it back and they will send you a debit card. So, I just take it to the bank and deposit.

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I got mine from EOG yesterday.

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