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    #1

    1099-misc

    I'm in sales and received three 1099-misc from companies for "spiffs" during the year. They are listed under line 7, which brings me having to list a business name and address. What would I list the name as and should I list the address as my home?
    Could I put this under other income (line 3) to avoid this?
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    #2
    Schedule C

    No. SPIFFs paid directly to a salesman ... not through the employer ... are self-employment income, subject to S-E tax. Report them on Schedule C.
    Roland Slugg
    "I do what I can."

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      #3
      More info

      Here's the link to the IRS publication that deals with "spiffs". It only addresses automotive industry manufacturer payments to salespersons employed by dealers, but if your fact pattern is similar you may be able to follow it to avoid payment of the Self-Employment Tax. You'll need to research this further or consult a tax pro if you want to be sure you are handling it correctly.

      404 | Internal Revenue Service
      http://www.irs.gov/pub/irs-pdf/p3204.pdf
      404
      Last edited by JohnH; 02-26-2008, 08:10 PM.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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