Adjusting your tax settings

Adjusting your tax settings

Adding/Updating Brokerage Tax ID

Head to your Brokerage menu (the menu with the gear cog), click Edit Settings

Add/update your Brokerage's Tax ID

Turning on Tax Reporting

In your Brokerage Menu>Settings, scroll down to the Allowable tax year field and add the year(s) you want to report on. Adding the year to this setting allows you (the brokerage) to run the Reports>Tax Returns download generating for the spreadsheets and the agent PDF. Also this setting allows access for each agent to also download their individual PDF. If you want to first review the information before giving the agent access to generate their reports, simply ADD the current year, run your report and then remove the year from the settings so that agents cannot access the information until you add that year back.


Adjusting your Tax Reporting Threshold

In your Brokerage Settings, adjust your tax reporting threshold If you do not want to generate tax reports for those who made under a certain amount in the year.

*please note, we do not generate 1099s/T4As on $0 commissions made.

Reporting Other income/Mentor Fee income

You can now report both other income and mentor fee income on your tax reporting forms. However there are changes for US Clients.

Both the 'Report Other income' & 'Report Mentor Fee Income' option(s), when selected, will be reported in box 1 on your 1099 NEC form, along with your Agent's regular ytd earnings.

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