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!
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!
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