- 1,953
When you guys win incentive trips are most or many of them 1099'd???
Trips..
- Thread starter Cornelius
- Start date
- 11,275
fun2drum
Super Genius
- 140
Agreed, yes. I've been on several company awards trips, both as a contractor and as a W-2 employee. They were all shown as income on my part. Sort of a bummer, but it is what it is.
- 16,880
Not all. I’ve lost count of my incentive trips. It’s over 35. And only around half of mine were 1099’ed.
Off the top of my head (memory might not be perfect) the ones that cover the taxes for you seem to be Trinity, Family Benefit, KSKJ, Cincinnati Equitable, kind of foggy on who else.
Some that I’m sure were 1099’ed (seem to be a lot of the companies that dropped out of the biz or stopped having trips in this group) ForeThought, Settlers, Assurant/American Memorial, Oxford, Aetna/American Continental.
Best way to know for sure is to just call them. Even if you pay the taxes the trips are generally ell worth it. Great memories. Great connections. And great conversations with agents who you know really did produce at a high level.
Off the top of my head (memory might not be perfect) the ones that cover the taxes for you seem to be Trinity, Family Benefit, KSKJ, Cincinnati Equitable, kind of foggy on who else.
Some that I’m sure were 1099’ed (seem to be a lot of the companies that dropped out of the biz or stopped having trips in this group) ForeThought, Settlers, Assurant/American Memorial, Oxford, Aetna/American Continental.
Best way to know for sure is to just call them. Even if you pay the taxes the trips are generally ell worth it. Great memories. Great connections. And great conversations with agents who you know really did produce at a high level.
- 4,570
Legally, the IRS requires it to be reported as taxable income unless you spend X hrs each day in classroom type training. I believe it is 6 hrs per day.
The carrier really doesn't care as they would be taking a tax deduction either way, but they have to report based on IRS regs. If any qualifiers are W2, it is even worse for the carriers as they then have to cover the FICA employer side that they wouldn't if they merely paid for it & didn't report to IRS
The carrier really doesn't care as they would be taking a tax deduction either way, but they have to report based on IRS regs. If any qualifiers are W2, it is even worse for the carriers as they then have to cover the FICA employer side that they wouldn't if they merely paid for it & didn't report to IRS
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