Anyone got their tax forms from CHk yet? Is there a minimum amount of royalties before they are required to send?
ok, from what I am seeing, possibly has to be a minimum of $600 before a form it required to be sent
I don't think there is any minimum. If a company pays you royalties, you should get a 1099. I have a relative who gets about $15/year from an old well with CHK, and the 1099 comes every year.
ok chk said that they are going out in a few days
I received my 1099 on Tuesday (1/29). The $600 threshold is for nonemployee compensation, awards, prizes, rents. For royalties (and interest from banks - on 1099-INT) is $10. The other mentioned types of income is on 1099-MISC.
ok, got my 1099 from CHk. the amount was listed on Line 7 as Nonemployee compensation. Turbotax said that this might be incorrect and needs to be on line 3 and to contact provider to get a corrected form. Anyone tried to get this changed or should I not even worry about it