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State Farm Insurance / TAXES 1099 MISC

1 United States Review updated:

HELP MY HUSBAND RETIRED FROM STATE FARM 6 YEARS AGO.
FOR THE FIRST TIME THIS YEAR HE RECEIVED A 1099 MISC. IT WILL COST US $1200 IN TAXES. THEIR EXPLANATION IS AFTER 5 YEARS
IT IS CONSIDERED OTHER INCOME. IT IS STILL RETIREMENT OR PENSION AND WE SHOULDN'T BE TAXED AGAIN. IN THE STATE OF
MICHIGAN IF WE RECEIVE A 1099R WE WOULD NOT BE TAXED.

ANY RETIRED AGENTS WITH ANY SOLUTIONS?

Ir
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Comments

  • Th
      25th of Apr, 2009
    0 Votes

    Sounds like you should have contacted a tax accountant vs posting on a complaint board.

  • St
      24th of Jan, 2010
    0 Votes

    it costs money for a tax consultant! They are trying to get a free answer!!!

  • Wp
      1st of Apr, 2010
    0 Votes

    I will give them a free answer...You have to determine if the pension was saved before or after taxes. If it was before taxes, I am sorry, but you are going to have to pay the taxes now. Since your husband is a former State Farm Agent and probably licensed to sell securites products during that time, he should understand that. Hire a tax professional!!

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