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Level 2
June 3, 2019
Question

I am a retired insurance agent and receive income each year from policy renewals reported on 1099-MISC. How do I file or report this income?

  • June 3, 2019
  • 4 replies
  • 30 views

Retired but still receiving 1099-MISC income

4 replies

Rainman12
Alumni - Champ
Alumni - Champ
June 3, 2019
Which box on the 1099-MISC is used - Box 3, or Box 7?
Level 2
February 8, 2020

box 7

M-RodAuthor
Level 2
June 3, 2019
Box 7
Rainman12
Alumni - Champ
Alumni - Champ
June 3, 2019

IRS expects 1099-MISC Box 7  income to be reported as Self-Employment - and that is appropriate in described situation. You're being paid for something you did. It is taxable when paid, not when the work was done.