insurance sales agent income
Do I have to pay taxes on the progress made by the employer?
I worked for an insurance sales agent. I paid commissions as an advance to the policyholder to pay premiums. He had an agent account, which basically showed what I anticipated. Because premiums wine it was withdrawn from the account. Upon leaving this company and have a balance in your account, no renewals are paid to you (leave your account). If you terminate the contract before 2 years. do not get the renewal, regardless of account balance. I ended my contract after 1 year. I had a balance of $ 5,000 in my account, the money ahead of me. They demanded immediate payment of the account of the threats of the collection. Although my insured were still paying in finished saying this for bankruptcy 1 1 / 2 years later. I learned my sales manager made this as income earned in the IRS. Now they come after me to pay the money they never earned. Help me … I tried to explain, but they do not understand how the insurance payment. Am I wrong?
Yes, you have to pay taxes on an advance paid to you by an employer. If you left your employer pay back by declaring bankruptcy, which has still to send in their advance, either as salary or cancellation debt. If it comes to debt cancellation, you will not have to pay SS and Medicare taxes. If you receive a 1099C for the money, put it in the Line 21 of Form 1040, not subject to self-employment taxes. Including this move on your W-2, has been paid into the SS and Medicare taxes on this money, as you will. Include on Line 7 of Form 1040. The premiums paid on policies after he left his job before 2 years are not relevant, in accordance with the terms of his contract.
Multiply your Income with Bob Proctor
