A job from last year used my with commissions from life insurance sales to pay off my draw debt with them. They sent me a w2 for 20k of income (my debt was only 2k).

A job from last year used my with commissions from life insurance sales to pay off my draw debt with them. They sent me a w2 for 20k of income (my debt was only 2k).

Am I supposed to report this money as earnings? I did not receive almost any of it. I did see maybe 5k plus the 2k debt repayment makes sense. Why would I have to pay taxes on 20k though?

795

Expert Alumni

Mar 15, 2025 5:00:52 AM

Yes, you must report the full +/- $20,000 unless there are other conditions.

Please clarify your question.

What is Dray Dept?
Was the $2,000 used to pay dept, or was it more?
What happened with the rest of the +/- $18,000?

Please contact us again to provide some additional details.

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A job from last year used my with commissions from life insurance sales to pay off my draw debt with them. They sent me a w2 for 20k of income (my debt was only 2k).