TAX TIME !!

[kschuyler]

This is my first year writing as an independent producer.
I have tracked my earnings in a separate deposit account but I'm wondering if I should expect a 1099?
I sold some health insurance policies for National General.

Do I just report what showed up in my account or should I wait for some kind of 1099 or earnings document from National General?
I will call them Monday but I'm doing some tax work today and wondered if smeone might know the answer. Thanks.

 

[Tahoe Ray]

This is my first year writing as an independent producer.
I have tracked my earnings in a separate deposit account but I'm wondering if I should expect a 1099?
I sold some health insurance policies for National General.

Do I just report what showed up in my account or should I wait for some kind of 1099 or earnings document from National General?
I will call them Monday but I'm doing some tax work today and wondered if smeone might know the answer. Thanks.

You should already have your 1099s. They are supposed to be mailed by Jan 31.

You could try their portal...you may be able to download it as well.

 

[somarco]

My commissions direct deposited into business bank account. Still getting a few 1099's but most were here around the first of Feb.

My accountant never asks for 1099's, just bank statements

 

[LostDollar]

Caveat, not an agent.

Tahoe Ray's suggestion is probably your best chance of obtaining the 1099 over the weekend. I hope you have better luck than I am having with some of my return issues.

 

[Yagents]

You can download nat gen thru eagentcenter.cm

1099s are not required for taxes. Just make sure all your bank deposits match or exceed all the 1099s

 

[Delta75]

The replies above are correct. Also, commissions need to be at least $600 before companies are required to send one.

 

[LostDollar]

....Just make sure all your bank deposits match or exceed all the 1099s

That is not necessarily good advice for a cash basis taxpayer.

 

[marindependent]

You should submit all of your 1099s and in addition you should have an accounting of all income that you have received. Hopefully your accounting exceeds what shows on your 1099s.

 

[Yagents]

That is not necessarily good advice for a cash basis taxpayer.

That's exactly what it is for, as most real agents are on cash basis would already know.

We dont have inventory, so no accrual basis is necessary since we dont create products.

But, that is my understanding.
Caveat, I'm not an accountant

_______
The difference between cash and accrual accounting lies in the timing of when sales and purchases are recorded in your accounts. Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid)

 

[Yagents]

LD, are health agents eligible or qualify for Trumps 20% Qualified Business Income Deduction under Section 199A?

The answer is yes in most situations, and every agent should make sure they don't forget it when filing taxes. There was a special exception for agents made in guidance.

Thanks Prez !