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kesselring
New Member

I,was in the sales business.I,transferred my clients to another broker,that broker pays me based on commissions received from my former clients. How should I report this?

 
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Accepted Solutions
Critter
Level 15

I,was in the sales business.I,transferred my clients to another broker,that broker pays me based on commissions received from my former clients. How should I report this?

You can report it as other income on Sch 1  line 21. Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2018 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.

The income will be reported on Sch 1 line 21 with the description that you entered.


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3 Replies
Critter
Level 15

I,was in the sales business.I,transferred my clients to another broker,that broker pays me based on commissions received from my former clients. How should I report this?

Do you get a 1099-misc from him ?   If so which box is the amount in ?  3 or 7 ?
kesselring
New Member

I,was in the sales business.I,transferred my clients to another broker,that broker pays me based on commissions received from my former clients. How should I report this?

No, I do not get any 1099 or any tax forms.
Critter
Level 15

I,was in the sales business.I,transferred my clients to another broker,that broker pays me based on commissions received from my former clients. How should I report this?

You can report it as other income on Sch 1  line 21. Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2018 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.

The income will be reported on Sch 1 line 21 with the description that you entered.


View solution in original post

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