Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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?

Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/5/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months 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
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
18,221 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,221 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Do payments received under a Qualified Term Care Policy
Second opinion] Do payments received under a Qualified Long Term Care Policy reduce the amount paid for medical expenses deducted for Federal Income… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,472 satisfied customers
Lev, I have a client that is a surviving spouse and only
Good afternoon Lev, I have a client that is a surviving spouse and only collected social security benefit last year. She has received some residual income from her late husband's insurance companies t… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My late husband and I owed 8,515 in taxes in 2014 for our
My late husband and I owed 8,515 in taxes in 2014 for our 2013 tax return. We had already paid 8089 dollars out of our pensions and social security. I did my tax with TurboTax and we sent our return w… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My husband was disabled in late 2015 and had to leave his
My husband was disabled in late 2015 and had to leave his job. A few months later in 2016, he rolled his 401k from that job into a Roth IRA. He also contributed 6500 to his Roth IRA in 2016. Does anyo… read more
Dr. Arthur Rubin
Dr. Arthur Rubin
Doctoral Degree
173 satisfied customers
My husband is Army retired, 100% disabled. He received VCAP,
My husband is Army retired, 100% disabled. He received VCAP, we think is veterans disabled, and DFAS, we think is his army retirement. Are either of these taxable? A few years ago we were told it was … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,221 satisfied customers
I was supposed to get a 13 thousand dollar tax return 2
I was supposed to get a 13 thousand dollar tax return 2 years ago (I started a business). I got a letter from the government confirming that it would be sent out. It never came. This tax season I push… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,221 satisfied customers
Do I have to pay taxes if I took out a loan against a whole
Do I have to pay taxes if I took out a loan against a whole life insurance policy? I took out the loan around 20 years ago and when the loan reached the value of the policy they sent me a sheet saying… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,221 satisfied customers
My husband works in Leavenworth Kansas Federal Bureau. He
My husband works in Leavenworth Kansas for the Federal Bureau. He pays taxes on his salary to KS . We understand that there is a state to state agreement that Kansas keeps a portion and then some is s… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,472 satisfied customers
I had a levy filed and I timely filed CDP hearing. The RO
I had a levy filed and I timely filed for a CDP hearing. The RO who issued the levy responded that he had the request and asked for more information above what I had previously submitted on a 433, a y… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
My Son has Down Syndrome. As an adult, he has always received
My Son has Down Syndrome. As an adult, he has always received Social Security Disability payments. I believe he got a little bump when I turned 65 a few years ago. He does not receive SSI, however he … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,221 satisfied customers
We are being audited for supposedly for high business legal
We are being audited for supposedly for high business legal deductions for 2011. We just waived the "statute of limitations" to give them another year. The auditor is still not finished with 2011. We … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
I have been married for 22 years to a man I have been trying
I have been married for 22 years to a man I have been trying to divorce for the past three years. I learned that he had cheated on me with literally hundreds of anonymous women he would meet thru onli… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor\u0027s Degree
570 satisfied customers
my husband and i are separated, we both filed together are
my husband and i are separated, we both filed together are taxes, now that we are no longer together how can i go about finding out what i owe and what he has to pay... we filed are taxes in 2006.. bu… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
My tax refund was not sent to me and when I called in and inquired
My tax refund was not sent to me and when I called in and inquired about the reason, I was informed that the money was used to cover some of the money that my husband owed IRS for something on his pre… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My daughters grandfather purchased a lump sum life insurance
My daughter's grandfather purchased a lump sum life insurance policy for my 29 year old daughter 28 years ago. She is the insured, and somehow her father has become the owner of the policy. He is cash… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My husband moved out about a year ago after 30 years of marriage.
My husband moved out about a year ago after 30 years of marriage. There are no legal separation or divorce papers pending. I live in the marital home. He is in partnership with his father with a large… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My now ex-husband signed my name to the last three years of
My now ex-husband signed my name to the last three years of tax returns, without my knowledge. The way I found out was due to my needing to give copies to my divorce lawyer. While looking for them, I … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor\u0027s Degree
1,663 satisfied customers
My name isXXXXXand my husband (Rafael Fuentes) ...
My name isXXXXXand my husband (Rafael Fuentes) owes child support and our tax refund from 2007 was taken alomost fully. The mother to his child is Judy Salaicia. She was to get $400.00 from our state … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x