Your 1099 Miscellaneous Tax forms will be mailed no later than Jam. 31. If the 31st falls on Saturday or Sunday, the IRS allows for mailing the following Monday.
Tax and levy information
Why am I being charged expenses/deductions even though I am not a working interest (WI) owner)?
Some costs associated with selling a product are shared by all owners including royalty owners. WI owners share in those same costs plus the cost of exploration, drilling, completing, equipping and operating a well. If you still believe that your lease indicated you should not have deductions, please contact Owner Relations by email at Casey@loeboil.com or phone at (618) 943-2227.
Why is my 1099 more than what I received?
The 1099 shows the gross amount before taxes and other deductions as required by the IRS. In order to help you reconcile this gross amount to the total of your actual payment received, we include a reconciliation on the back of your 1099 showing the gross amount, taxes and deducts and the net amount. The net amount should tie to your total payments received for the year. If you have questions as to how this information should be presented on your tax return, please contact a tax professional.
Why is my NET more than my GROSS amount?
Net can sometimes be more than the gross due to reimbursement of Severance Tax or other adjustments. In this case, you will notice a negative tax amount on the reconciliation on the back of your 1099.