Have questions about your Form 1099? Find answers to commonly asked questions here.
The Form 1099 is mailed by January 31 of each year. If you have not received your Form 1099 by February 15, please contact us at (405) 252-7808 or email@example.com.
The minimum amounts for which Form 1099s are issued are:
Per IRS requirements, the Form 1099 reports the gross amount before taxes and other deductions. Please refer to the Form 1099 “Instructions for Recipient” for more detail – this will assist you with reconciling your gross and net amounts received.
The tax amount represents taxes deducted from your royalty check. The two taxes that may be deducted from your royalty check are ad valorem and severance tax.
Other Deductions consist of post-production costs that were incurred to move the natural gas and natural gas liquids from the well to the final sales point. These post-production costs include gathering, transportation, compression and processing and are itemized on the check detail issued to you during the tax year.
Here is an explanation of a Form 1099.
Ascent cannot furnish tax advice. If you need instruction on how to reflect your Form 1099 on your tax return, please consult a tax professional.
If we do not have a valid Tax Identification Number or Social Security Number on file for you, the IRS requires Ascent Resources to withhold 24% from an owner’s payments. To avoid future withholdings, a completed IRS Form W-9 must be provided to us.
Enverus/EnergyLink is the site you will use to access your Form 1099 electronically. You will reach out to them directly to set up a username and password at (844) 608-2255 or https://www.energylink.com/contact.