income guarantee loan tax question

[GEAUXT]

I joined a private practice with the help of one of the local hospitals this past July. It was done through a typical 1 year income guarantee with 2 year forgiveness model. Fortunately, practice picked up quickly and my collections have already surpassed my guarantee and expenses and I am paying back what was loaned.

I received a 1099-MISC from the company responsible for handling the contract with the outstanding amount of the loan entered in box 6 under Medical and health care payments. My question is how am I supposed to handle this money? It is not income, but a loan which I am in the process of paying back. Any outstanding balance becomes income as the loan is forgiven at the end of the 1 year contract. Am I missing something here?

I appreciate any help!

[jfoxcpacfp]

On the surface, it doesn't sound right if the loan hasn't been forgiven, but it really depends upon the terms of the contract you signed and the way it is worded.