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Question

I am a retired insurance agent and receive residual commissions from policies still active. Must I file as if self employed (Sched 1, 2, C, SE, form 8582?

Forum|Forum|2 years ago
March 17, 2024
1 reply
0 views

I do not question the need to report this as income, but self-employment insurance seems in appropriate.

TurboTax Online

Residual commission payments should be reported as Other Income.

In your open Federal return, choose the tab for Wages & Income
Scroll to the bottom under Less Common Income select Start (or Update) for Miscellaneous Income.
Choose Other reportable income
Answer Yes to Any Other Taxable Income
On the next screen enter the description and amount

The entry will appear on Form 1040, Schedule 1, Line 8z of your return. Feel free to reach back if you have any other questions.