Has anyone received information on 1099s from Continental Resources ? Our family did not receive anything and I realized that Ovintiv had moved theirs to Energy Link (Enverus). We had the impression that Continental would also be found there. There are no 1099s from Continental and I did not see their name on the company list. We just received Ovintiv 1099s yesterday, February 3rd. . Anyone have any information on this ?
I received my 1099 from Continental in the mail. It isn’t accurate, but at least I received it.
Claire- most 1099s reflect only the gross amount attributable to your interests and do not show the various deductions. That’s why it is important to retain your check details to provide that information to your tax account.
Well I posted this topic a bit early. I need to state that I got a reply that the 1099’s are not sent until the end of January. I will receive mine likely by the 7th of February, so can just say I was premature on posting. I consider the topic finished. Charlie Grant
It is always helpful when a 1099 Supporting Schedule is included, and I was surprised not to see one from Continental.
My 1099 from Continental had the supporting number totals on the back of the 1099.
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I was hoping for one with a Check Summary listing Check Dates and Check Numbers.
Claire, That would be nice to have, but in ten years of getting 1099s, I have never had such an attachment. It is up to the mineral owner to save the statements for seven years for IRS purposes. Many people get theirs mailed to them. Some are available from EnergyLink which is owned by Enverus. There are other services out there for other operators. You can download a copy of the statement, but you need to have an ID and passcode from the operator. You can contact the owner relations of your operator(s) and try to get copies or get the passcode to one of the services.
Keep in mind that the 1099 may or may not be correct. I have found errors over the years. If it is not correct, then you will need to have the statements in order to report a different amount to the IRS. One example in particular was a company reporting interest income on the 1099-MISC and then sending another 1099-INT with income-thus apparently inflating the income turned in. That took a while to straighten out.
Also, some companies report on the end of the month. You may have a 1099 for the year from the operator as to what they “sent out” including the December amount, but it will not match the month when you actually received it and put it in the bank (Jan). Stay consistent in how you file it on your taxes and keep your statements for backup.
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Thanks for the information. American Petroleum, Oklahoma Petroleum Allies and Vitol Inc., have supplied the itemized 1099-MISC Supporting Schedules I have described. I think I may simply be missing a check from Continental.
I would not be too worried about it. Over the years I have had several companies fail to send me a 1099. Just try to contact the company, registered mail is a good way as you will have a receipt of your attempt. If you don’t get the 1099 by the time you do your taxes just use your records, and estimate total revenue, taxes and expenses that company would normally report. If you get the 1099 after filling, you’ll have to amend your return which is not a big deal. My experience has been if you don’t get one by April, you will not get it. I would not fail to report the income because the company may report it to the IRS while failing to report it to you and the IRS will ding you on that.
Hope this helps
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I just received a 1099 today. I do recall that in some years I received them as late as the end of February. I have also received a corrected 1099 from various interests in past years, also late in February. I don’t believe that I have ever received one that was incorrect but I do check the numbers against check stubs to be sure of that.
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