retired insurance agent receives renewal commissions. Is this considered a passive activity?
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No, this is not considered passive activity. It is generally reported as self-employed income.
Per IRS Publication 334, Insurance agent, retired, page 26: Income paid by an insurance company to a retired self-employed insurance agent based on a percentage of commissions received before retirement is reported on Schedule C. Also, renewal commissions and deferred commissions for sales made before retirement are generally reported on Schedule C.
Once you add your self-employment income and expenses in TurboTax, we'll generate a Schedule C.
Here's how to add your self-employment income:
Here are the self-employed expenses you can deduct and where to enter them.
If you need Schedule C to report a 1099-NEC or 1099-MISC, make sure your return is open and search for 1099-NEC or 1099-misc, then select the Jump to link. We'll ask questions about your 1099 income and generate Schedule C if your situations calls for it.
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