A full-time life insurance sales agent whose principal business activity is selling life insurance or annuity contracts, or both, primarily for one life insurance company, is typically treated as a statutory employee. See this IRS webpage for more information.
If you are a statutory employee, you report your income and expenses related to statutory employee income on a Schedule C, Business Income and Loss. Enter your statutory employee income from box 1 of Form W-2 on line 1 of Schedule C and check the box on that line.
Please see this thread for further discussion of this issue. You would need either TurboTax Self-Employed/Premium or TurboTax Home and Business in order to show income and expenses on Schedule C.
I did not recieve a W2 from the company, butmy supervisor had mentioned something about a 1099 form.
I never received any check stubs from the company, it was all done online, but I know that no taxes were ever taken out and it was 100% commission based.
You should ask your supervisor for a 1099 form that reports your earnings. The life insurance company does not have to issue a 1099 if you were paid less than $600.
You can file your return without a 1099-NEC form if you have a total of the amounts that you received from the company. Check your online records to see if you earned more than $600 and can expect to receive a 1099-NEC (Non-employee compensation).
If you will not be receiving a 1099, you can enter the income into TurboTax.
To enter Form 1099-NEC, or the amount that you have calculated as self-employment: