You received a 1099 because you have received revenue from Oceanridge Exploration LP in the previous year. If you are a Royalty Interest Owner, the threshold for receiving a 1099-MISC is $10 or more. If you are Working Interest Owner, the threshold for receiving a 1099-NEC is $600 or more.
Why am I getting a 1099-MISC and a 1099-NEC?
Effective tax year 2020, the IRS is requiring that non-employee compensation be reported on Form, 1099-NEC. The most common reason for issuing both forms to the same owner occurs when an owner has both working interest (reported on 1099-NEC) and royalty interest (reported on 1099-MISC). For complete details, please visit irs.gov/instructions/i1099msc
What is a 1099-NEC?
Form 1099-NEC, Nonemployee Compensation, is used to report non-employee compensation, non-qualified deferred compensation (NQDC) and cash payments for fish. For complete details, please visit irs.gov/instructions/i1099misc
Why haven’t I received my 1099 yet?
1099s are mailed out on or before January 31, please allow at least 2 weeks for delivery.
Can I get another copy of my 1099 if I misplaced it?
