Edsel Posted November 1, 2019 Report Share Posted November 1, 2019 I am tackling prior years' return for a physician. There is a pile of some $1.5MM in 1099-MISC forms and 1099-Ks issued to him. Most of the 1099s have dollar amounts in the "Medical Payments" box instead of the "Non-Employee Compensation" box. Is there any difference between the two for either taxable revenue purposes or self-employment tax purposes? Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted November 1, 2019 Report Share Posted November 1, 2019 IMO (totally unresearched), there is no difference between the 1099-MISC box 7 and Medical Payments box (whatever # that is). They are both counted as income. Does he have financials that reflect income at least, or more than, the total of the 1099-MISC and 1099-K issued to him? Lynn 1 Quote Link to comment Share on other sites More sharing options...
Max W Posted November 1, 2019 Report Share Posted November 1, 2019 1 hour ago, Edsel said: Is there any difference between the two for either taxable revenue purposes or self-employment tax purposes? No. They are payments from the insurance companies for services performed as a medical professional. If there are some payments in Box 3, they should probably be included, as well. 1 Quote Link to comment Share on other sites More sharing options...
Edsel Posted November 1, 2019 Author Report Share Posted November 1, 2019 2 hours ago, Lynn EA USTCP in Louisiana said: They are both counted as income. Does he have financials that reflect income at least, or more than, the total of the 1099-MISC and 1099-K issued to him? Lynn Can't think of a single reason why they wouldn't be income just as if they were Nonemployee Compensation. Lynn - sorry but I can't give you a straight answer. Financials are all messed up. For example, some 1099s have joint recipients. 1 Quote Link to comment Share on other sites More sharing options...
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