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Insurance payments made to a partnership
January 15, 2024
Q. We make annual payments to a partnership Insurance Company throughout the course of the year for a variety of items that we own. Since the insurance company is a Partnership, are we required to report these payments on a 1099 form? And if so, which form and box would those payments fall into?
A.
(Answered by IOFM's third-party tax experts)
Payments of premiums for insurance are not Form 1099 reportable income to the insurance company. You are familiar with the “corporation exception” under…
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