Taxes

Jan 29, 2007

  1. Golddoor
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    Golddoor Guru

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    I recieved my 1099 from F&G back at my NAA days and they are claiming that I made $13,547.00 in commissions last year from them. But I have had most of those policies lapse and charged back. So Im thinking I really didnt make that much. I dont keep very good records as you can tell, and F&G wont send me any statements since I left NAA for the lapses. I think they are sending them to NAA and my upline. How does that work with chargebacks on your taxes?
     
  2. Crabcake Johnny
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    Crabcake Johnny Guru

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    If you wrote $13,000 in advanced commissions then F&G is gonna have to show you what lapsed. If they refuse to send you a statement showing the business that lapsed you can pay almost any attorney about $300 and they'd be glad to send them a letter either demanding the statements or threatening to take them to court. Then they can show the judge the records.

    But you need to have your ducks in a row. Obviously you have records of how much your received in advances last year.
     
  3. salpro22
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    salpro22 Guru

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    Do agents w/ Mega receive a 1099-MISC? I have yet to receive anything pertaining to the commission I wrote with them.
     
  4. Crabcake Johnny
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    Crabcake Johnny Guru

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    Yes, if you earned commissions last years you'll get a 1099. I had to fight mine the year after I left since if you're with UGA less than a year you forfeit all bonuses and renewals - they go to management. However, they had no problem hitting me with a 1099 the following year after I quit and I never received a nickle. They actually corrected it. Go figure.
     
  5. salpro22
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    salpro22 Guru

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    Ok, so it is safe to say I should receive something from them for 2006.
     
  6. Steve
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    Steve Super Genius

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    They are supposed to have it postmarked to you by January 31st. If you don't see it within a couple of weeks, I'd start to make some noise.

    Remember though, even if you never get one, you're still required by the IRS to claim the income. You just have to use your stubs to figure it out.

    I AM NOT A TAX ADVISOR. I'm just stating what I understand to be true.
     
  7. Crabcake Johnny
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    Crabcake Johnny Guru

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    And if you owe money, just make you check out to Halliburton. Why mess with the middleman.
     
  8. sman
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    I didn't realize you are a liberal.
     
  9. Crabcake Johnny
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    Crabcake Johnny Guru

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    Wrong. Former Marine and as Republican as they come. But I also hate getting played and right now we're all getting played.
     
  10. Guest
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    Guest Guest

    I'm a former Republican-conservative (I worked for Barry Goldwater in 1964 when I was 17... I'll bet there are only 2 people here who know who he was!!)

    But I re-registered as an independent (in CA it is called "decline to state") because as John said... "we're getting played."

    Anyway, liberal or conservative, this is an exciting time to be in the health insurance industry. I think we will get Hillary-Care and we'll all be out of work... but I honestly thought that AuH2O would win in '64 as well!!

    Damn, I'm old! Eleven months 'till 60. (Pix on website)

    Al
    http://www.insurancesolutions123.com
     
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