W-2 employee and I get 1099 NEC for the same work.

[cottonbroker]

I'm an advisor and I work for a company and we have a broker dealer we hold our client accounts through and place trades at.   I only get a check from my Employer and it is reported on my W-2 with all my withholdings. Then our broker dealer sends us personally and 1099 NEC  that shows the commissions we make off of our clients.  The tricky part is those commissions get paid to my employer then my employer pays me.  So My W-2 my report $78,000 income and the 1099 might say $58,000 on line 1 but I only got paid $78, 000 total....not $136,000.   How do I report this on Turbo Tax? 

[MinhT1]

If the commissions are paid to your employer who then repays you and reports these payments on form W-2, then the form 1099-NEC should be issued to your employer, and NOT to you.

You should contact the issuer to tell them to correct the filing. Keeping the 1099-NEC in your name will cause the IRS to tax you on that amount.

[cottonbroker]

HAHA....Yah that sounds so simple and practical so there is no way that is going to work. But I'll try.