I'll Take That...Thanks Humana...........

[Russ]

Woke up this morning and checked my checking account. Surprised to see a $1,000 commission check from Humana. Not new business...a bonus. Thanks Humana and Merry Christmas!

 

[somarco]

Congratulations!

 

[DonP]

Woke up this morning and checked my checking account. Surprised to see a $1,000 commission check from Humana. Not new business...a bonus. Thanks Humana and Merry Christmas!

That means you wrote a nice amount of Humana . That’s the non taxable “ reimbursement “ of marketing money I’ve talked about .

 

[somarco]

hat’s the non taxable “ reimbursement “ of marketing money I’ve talked about .

What is your definition of reimbursement . . . and how does that fit in with the tax advice you are expounding?

 

[DonP]

What is your definition of reimbursement . . . and how does that fit in with the tax advice you are expounding?

It’s a way of saying here’s some money back on what you spent on marketing . Other CO’s pay the vendors directly and don’t tax you on what they write checks for.Their not 1099 ing me so I’m not claiming it . I’m not a Corp so I don’t count deposits only the 1099’s I get as income . If your a Corp you have to claim it and offset it somehow .

 

[LostDollar]

Woke up this morning and checked my checking account. Surprised to see a $1,000 commission check from Humana. Not new business...a bonus. Thanks Humana and Merry Christmas!

That means you wrote a nice amount of Humana . That’s the non taxable “ reimbursement “ of marketing money I’ve talked about .

It’s a way of saying here’s some money back on what you spent on marketing . Other CO’s pay the vendors directly and don’t tax you on what they write checks for.Their not 1099 ing me so I’m not claiming it . I’m not a Corp so I don’t count deposits only the 1099’s I get as income . If your a Corp you have to claim it and offset it somehow .

Your (DonP's) posts are confusing.

You are saying Humana is not going to 1099 a commission payment to an agent?

or

You are saying what OP says is a commission payment is not really a commission payment and Humana won't 1099 it?

or

????????????????????????????

 

[DonP]

The $1000 that showed up in the op’s account is not a commission payment . It’s a “ marketing reimbursement “ deposit .

 

[Yagents]

Well, I hope your not also deducting those "expenses", in addition to receiving a tax free reimbursement. That would be "double dipping"

 

[DonP]

Well, I hope your not also deducting those "expenses", in addition to receiving a tax free reimbursement. That would be "double dipping"

Lol . Of course not !!! Even though the irs would never know unless they audited your checking account .

 

[somarco]

Well, I hope your not also deducting those "expenses", in addition to receiving a tax free reimbursement. That would be "double dipping"

Expense reimbursement implies one actually has deductible expenses. Unless there is something special about this "free" money it SHOULD show a bookkeeping entry to offset the reimbursement . . . otherwise the full amount would be taxable.

I wonder how much the insurance guy who doesn't know the difference in there, their and they're charges for tax advice.