Charge Back Debt and Taxes

[allhealthandlife]

I owe Monumental Life 2100.00 from a charge back but they won't adjust this off by 2008 1099 .I was told today that because i was paid this commission it was earnings and now that it is a charge back it's a debt.

Is this right and if so can this be written off somewhere on my taxes so i can made whole for the extra taxes i have to pay on this debt.

 

[padthaiforlunch]

Yes, you can take it as an expense this year if you pay it this year.

 

[OHInsAGNT]

I owe Monumental Life 2100.00 from a charge back but they won't adjust this off by 2008 1099 .I was told today that because i was paid this commission it was earnings and now that it is a charge back it's a debt.

Is this right and if so can this be written off somewhere on my taxes so i can made whole for the extra taxes i have to pay on this debt.

Since you posted this in 2009 saying you "owe" it from 2008, you won't be able to write it off your taxes. You can count it as an expense in the year it is paid, unless your agency is large enough that you report on an accrual basis. If you're an individual, that's not the case.