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I have a question regarding a 1099 my husband received from…

I have a question...

I have a question regarding a 1099 my husband received from Transamerica.Unfortunately, I don't have the form in front of me, but I believe it was for non-employee compensation. My husband says it was for lead generation from years ago when he was an agent. The amount was $60K and seems very high. We have not been able to reach anyone at TA to get details for the amount.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

We have emailed them, but the number listed on the form is for their policy holder customer service. Over the past couple of years they sent forms for smaller amounts, but I assume that since he has no more residuals they are reporting all of it. Is this even the correct form?

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Answered in 5 minutes by:
3/5/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,609
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 1 month ago
Thanks.

Yes that would be the correct document to send. The business is required to report that as Non Employee payment.

If he can find that the amount is incorrect TA would need to issue a corrected 1099MISC but until they do this is reported a s taxable income.

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Customer reply replied 1 month ago
Do you have any suggestions on how to reach the right people? We have called and emailed with no success. We want to know for sure the amount is correct before paying taxes.

Unfortunately all I have are the regular Customer Service numbers for the company. If they have an agents line he would want to start with them.

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

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Customer reply replied 1 month ago
I knew this much - we are currently trying to determine whether this amount is actually something they’ve written off. It certainly was not a payment received from them in the tax year. If it was written off, it would be reported in a 1099C, correct?

If it was written off (like a debt he owed ) then the 1099C would be more appropriate. That would show a cancellation of a debt and taxable to the receiver.

If it was a loan from an employer, though it is just shown the same way the regular income would be reported. Not on a 1099C but a W2 or 10999MISC.

Please let me know if you need more information. If your husband was advanced this in the past and had not repaid then the 1099MISC is correct.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
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