Oklahoma Owner/Vendor 1099 Misc. Form

The Oklahoma Tax Commission requires a separate 1099 Miscellaneous form to be filed with the state for Investors that earn revenue in counties located in Oklahoma. The Unit/ Well file is searched for units located in the state of Oklahoma. A county code is required only for wells in Oklahoma.

The program will look in the Division of Interest and Unit/Well files for all owners in a well in Oklahoma. The year to date gross revenue released amount for each owner will be calculated for the Oklahoma 1099 forms. You should print the Owner 1099 report to verify the amount of Oklahoma revenue that should be reported on the Oklahoma 1099 Misc. form. Only units with an asterisk (*) on the 1099 Owner report will be added for Oklahoma.

The program will look in the Vendor file for vendors in the state of Oklahoma. The 1099 service/1099 rental amount will be read from the Vendor file. Print a Vendor report from file programs for vendors in Oklahoma to verify service/rental 1099 amounts.

The state identification number is required in the Oklahoma 1099 forms filter. Normally the same minimum amounts for working interest, royalty, override owners, and vendors are required on the Federal I.R.S. form. Only owners and vendors with income earned in Oklahoma will be reflected on the Oklahoma 1099 forms. The dollar amount paid on Oklahoma properties will be reported in the appropriate box and OK will be placed in box on the 1099 Miscellaneous forms for Oklahoma. The same sanity checks will be performed for Oklahoma 1099 forms.

NOTES FOR 1099 FORMS

If an owner or vendor is marked, do not print 1099, this record will be skipped in printing. A vendor or owner may be marked, do not print 1099, however they may have 1099 values in the files. You have the option to print the owner/vendor number on the 1099 forms.

If owners or vendors have year to date federal backup withheld or year to date state tax withheld a 1099 form must be printed regardless of minimum. Minimum amount for owners or vendors to print do not apply to federal and state tax amounts withheld. Minimum amounts for owners to print would apply to gross revenue released. Minimum amounts for vendors to print would apply to year to date 1099 service or year to date 1099 rental paid.

Values for federal tax and state tax withheld for non-residents will be checked prior to printing 1099 forms. If values are found, you will be flagged you should exit and print the Federal and State Tax Backup Withhold report from the JIB program. You should not continue to print forms if you have values in these fields. This money must be paid to the IRS by you.

SANITY CHECK FOR 1099s

This routine will perform a sanity check on the Owner/Customer and Vendor files. Any error messages will be printed on your printer. Please do not insert the 1099 forms in the printer until the sanity check is OK.

The sanity check verifies that each owner and vendor that should receive a 1099 for the specified company contains the following:

Name, Address, City, State and Zip Code
Social Security number or Federal ID number
Checks year to date federal backup withhold and year to date state tax withhold for values for owners and vendors. If owner/vendor has 1099 values but is marked, do not print 1099, error message is printed.
Checks number of characters in name and address fields, if changes are required, error message is printed.
Checks the Owner and Vendor file for duplicate Federal Id or Social Security numbers.

IF SANITY CHECK FAILS:

If any of the above items are missing, you are flagged for proper corrective action. The IRS can fine your company for submitting incorrect 1099s. However, if you want to print the reports anyway without this being your final copy, you can.

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