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Underwriting insurance company as 1099 payor
November 21, 2024
Q. Does the payor on a 1099 have to be the underwriting Insurance company or can it be the actual paying company?
A.
(Answered by IOFM's third-party tax experts)
If the underwriting insurance company is making payment to the claimant under the terms of the insurance contract, then the insurance company is responsible for any required 1099 withholding and reporting obligations.
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