USA: Preparing 1099 Reports
Tax Settings (Turn on Reporting)
Turn on your reporting by adding the year(s) in the Allowed Tax Years field.
Enter your Threshold amount in Tax Reporting Threshold field.
Set your Other Income/Mentor Fee Income reporting
First Year
Your business tax number (on the Brokerage edit Menu)
Agent & Company Tax Numbers
From the Tax Report menu, you can export a CSV file to review which people and companies are missing their Tax IDs. If an Agent is paid to their own name, you'll add their SIN or SSN into the SSN/SIN field and If paid out to their company name, please add their GST or EIN# in both fields, see below and to learn more read here.
Determine How you'll Report
When setting up your fees during onboarding, we always default (unless directed otherwise) to set your deductions/fees to NOT net out Gross Commission incomes.
If you’re unsure which deduction is netting out your GCI, you can head over to the Deduction Template page, under your Brokerage menu, and you can visually check there (Don’t forget to check all pages!) For more information on Determining How you report and Deduction settings, click here
If you need to switch those deductions to NET out the GCI, you can alter any or all as such by clicking the pencil next to the deduction and in the general settings section of the deduction, add a checkmark to Reduce 1099/T4A checkbox. Save your changes.
Tax Return Reports
- Head to Reports>Tax Returns Report
- Add the Year
- (Optional)The default setting for the downloaded files for the Brokerage is to include any Agent that had transactions and was active for any length of time in the specified tax year. If you want to pull in any deactivated / inactive Agents that were inactivated in years prior to the current year or if you want to include all the external Brokerage’s payouts you can choose to add them from the filter. Please note, government filing requires Tax IDs, so if you are reporting for Outside Brokers you'll need to add their Tax IDs.
Pulling an Agent's individual T4A
For more information on filing your report, visit here
Thank you :)
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