2023 - 1099 FAQs
Q: When will the 2023 1099s be mailed?
A: 1099s will be mailed no later than the last week of January.
Q: Will a 1099 be issued for all amounts paid?
A: No, per IRS rules, any 1099 amount under $600 does not need to be issued.
Q: If a check that was issued in calendar year 2023 but was never received in 2023 and was reissued in 2024, will the original check amount be on the 2023 1099? The check was placed in the
mail prior to year-end.
A: Yes, the original check amount will be on the 2023 1099 per
IRS rules. The 2024 1099 will show the original check voided, and the reissued check will have a net reported amount of zero. How the producer
reports this is an issue to discuss with a tax preparer, as some who
report on a cash basis may not need to report the same number as
reflected on the 1099.
Also included on the 2023 1099 are payments made from a Crop Year 2022 claim paid in calendar year 2023 (i.e., in this instance, the first check was issued in 2023).
Q: Will the 1099 show the breakdown of the loss between a Revenue loss and Harvest loss?
A: No, the 1099 will not show the breakdown between
Revenue loss and Harvest loss. This is due to the complexity of the tax regulations. The insured should consult with their tax preparer.
Q: Why does the 1099 for contract adjusters show all income and expenses paid?
A: The full amount on the 1099 will be reported to the IRS; it’s up to the adjuster to offset their income with their expenses.
Q: Is there detail included with the 1099?
A: Yes, on the backside of the 1099.
Additional resources:
- Quick and easy online access to your policyholder's 1099s Tips and Tricks within the Agent Portal
- View additional Tips and Tricks