Form 1099 Information and Requirements
Our leaseholders and business partners are important to us. We value our relationship with you and want to answer your Form 1099 questions in a prompt, informative and helpful manner.
If you should have any questions regarding your Form 1099, please contact us at 1-866-566-4747 for assistance.
The 1099 form is used to report royalty, production and rental payments annually. We mail the forms by January 31 of each year, to persons who meet the reporting requirements established by the Internal Revenue Service (IRS).
The IRS does not require 1099 forms for:
- Royalty income of less than $10 in a year.
- Rental income of less than $600 in a year.
- Production payments of less than $600 in a year.
- Corporations, not for profits, municipalities, governments.
If you receive your form 1099 from TEUSA and notice any errors in either your name or taxpayer ID please review the W-9 requirements below. A W-9 can be obtained according to the instructions below.
W-9 Requirements
Attention Vendor/Stakeholder:
The Federal Tax Law requires us to have your Taxpayer Identification Number (TIN) on file when making payments to you. You may provide us with this information on the W-9 form linked to this page. If you fail to furnish us with this information, we are required to begin backup withholding on all payments to you.
For Individuals and Sole Proprietors:
Individuals
Your Tax Identification Number is your Social Security Number. Your name, as shown on your social security card, must be filled out on the first line of form W-9 and must be the name that correlates with the Social Security Number in Part 1 of this form.
Sole Proprietors (Some LLC's may apply)
If your social security number is the TIN entered on form W-9, your name must appear on form W-9 first, with your business name being a DBA. (Example: SS# 000-00-0000 John d.b.a. John's Land Service).
If your business has its own TIN number, the business name will be entered and the employer Identification Number will be filled out accordingly.
Partnerships (some LLC's may apply)
The name entered on form W-9 must be the partnership name the IRS has on file. The TIN of the partnership must be filled out in the Employer Identification Number box and correlate to the name provided on the first line of form W-9.
Corporations, Disregarded Entities and Exempt Organizations
We will not have to file an annual Information Return, Form 1099 Misc. for you if you are a corporation, tax-exempt organization, governement agency, or other exempt payee. However, the law requires that you complete form W-9 to provide your TIN in addition to informing us of your payee type.
How Do I Obtain a W-9 to Complete?
Below is a link to form W-9 and instructions in PDF format. Click the links to view the file. While you are viewing the file, you can print it. In the Acrobat Reader, click the File menu and then select Print from the drop-down list. Follow the instructions and click OK.
If you would like us to mail you a W-9, please contact us at 1-866-566-4747.
