Insurance Agent adjustments to income

[gwaehner]

I received a form 1099NEC from Pioneer Insurance Company and the amount reported is about $9000 more than I received in deposits during the year.  My statements show the difference as charged back (not paid) commission during the year.  I only earned 24K, not 33K.  How do I change or recapture the actual earnings?

[RobertB4444]

You actually did earn that 9 grand, you just got charged it by the company that paid you.  So you're going to enter the 1099-NEC just as you received it - for 33 grand - and then you'll enter a $9000 expense for chargebacks.

You can also issue them a 1099-NEC from you for the $9000 you paid them.  

But that way you only pay taxes on the 24 thousand that you received,

@gwaehner