Important information about 1099-MISC (miscellaneous income) tax forms:
- A 1099-MISC will be filed for each person who is paid at least $600 in commissions in 2018. This includes all product lines.
- Some payments are not required to be reported on this form, although they may be taxable to the recipient. For example, commissions paid to a corporation are not required to be reported via a 1099-MISC. Therefore, a 1099 MISC will not be created for corporations.
Access your 1099-MISC statement faster by going paperless before December 31, 2018!
- 1099-MISC statements will be available electronically to all Producers currently receiving 1099-MISC statements and those who are registered users of Genworth.com/Pro. By choosing to “Go Green” before the 12/31/2018 deadline, you will be assured the ease of downloading your 1099-MISC statements without having to wait for your paper statement to arrive in the mail. Please note: if you opted in previously to receive electronic 1099s MISC, you do not need to opt in again.
- For producers who do not opt for an electronic version, the 1099-MISC forms will be mailed directly to each person at their resident address, if one is on file, no later than January 31, 2019.
If you are not currently registered on Genworth.com/Pro, we encourage you to register now and take advantage of the numerous benefits that the website offers.
If you have any questions regarding the 1099-MISC tax process for commissions, please contact us at LC@genworth.com or at 800-991-5684, option 4.
REMINDER: Commissions: 1099-MISC 2018 Tax Information
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