Quote:
Originally Posted by wehotex
I will probably receive a 1099 from an insurance co that I was contracted to sell for as an independent agent. It will probably be for about $3,000 or so, but I've actually only collected about $800 of that amount. When I ask the Co where the rest of my "income" went, they are clueless. Should I "1099" them back for the disputed difference in the amount that they claim and the amount that i've actually received? any suggestions?
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Your amount doesn't have to match theirs. For instance, if they still owe you $2200 but you haven't received it yet, you only have to claim $800. If they sent you a check say on 12/31 and you haven't received it yet, they can still claim $3000. If they haven't sent you the rest and say they have, then they can deal with the IRS over that.
But bottom line is you only pay taxes for what you actually received in 2008 and it doesn't have to match the 1099 you got. It might throw up a red flag for the IRS if it's not close to the amount but then again maybe not.
You could get proof of what you were actually paid (bank deposit record or check stub or whatever) and ask the payor for a corrected 1099.
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What happens when you disagree with a "1099"?
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