Do I report Health Insurance Premiums compensated on the 1099-MISC?
It's driving me nuts! We're an LLC and everything I've read has just confused me more, and nation I've talked to have conflicting opinion. Do I need to report our health insurance premiums rewarded to our plan provider on the 1099-MISC?
The form is for payment for services.
Paying a premium is not a service.
1099's are issued to race who perform services
if they are incorporated, a 1099 does not have to be issued
you are paying insurance premiums and altho it may appear like it, it is not a service
you are actually paying for protection that may or may not ever start or be needed
it is merely a expense of your business, providing health care coverage for your workforce
"> At present you do not report payments to a corporation on Form 1099-MISC. That may be changing next year though so stay tuned for details.
Related Questions:
The form is for payment for services.
Paying a premium is not a service.
1099's are issued to race who perform services
if they are incorporated, a 1099 does not have to be issued
you are paying insurance premiums and altho it may appear like it, it is not a service
you are actually paying for protection that may or may not ever start or be needed
it is merely a expense of your business, providing health care coverage for your workforce
"> At present you do not report payments to a corporation on Form 1099-MISC. That may be changing next year though so stay tuned for details.
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