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April 19, 2020
Question

1099-MISC

  • April 19, 2020
  • 1 reply
  • 6 views

I used to receive healthcare insurance thru my wife's work. When she retired, they no longer provided the health insurance, but instead started sending me a monthly stipend check so I could purchase my own health insurance. At the end of the year, they sent a 1099-Misc with the total of the checks for the year. Is this correct method of reporting this money?

    1 reply

    April 21, 2020

    yes  this would be comnsidered compensation and is subject to self-employment taxes as well as income taxes.