1099s are mailed by January 31st of each year (or as required by the Internal Revenue Service). Due to the volume of accounts, Urban is unable to provide 1099s before January 31st. Please allow 15 business days from January 31st to receive your 1099.
You may receive multiple 1099's due to new IRS regulations. The 1099-MISC is designated for royalty and rental owners and the 1099-NEC is designated for working interest owners.
To ensure you timely receive your 1099, please promptly notify Urban of any Address Changes.
The minimum amounts for 1099s to be issued are:
- Box 1 (Rents) – $600
- Box 2 (Royalties) – $10
- Box 7 (NonEmployee Compensation or Working Interest Before Deductions) – $600
Urban does not issue 1099s for amounts less than the minimums stated above. We are required by the IRS to report the gross amount on your 1099-MISC and 1099-NEC. The amount
you received is net any taxes and deductions.
- If you are set up as a corporation, a 1099 will not be generated, as it is not required by the IRS. If you were incorrectly set up as a corporation, please submit a W9 to firstname.lastname@example.org
For additional information on 1099s please visit the IRS website.