There are several settings you'll need to update prior to running your 1099s.
- If this is your first year filing with Loft, please see the instructions below to make sure Loft has the right settings for your fees and how to handle 'Other income'.
- Under the Brokerage Menu / Settings you can enter a threshold of income to exclude filings for Agents or Outside Brokers that are under the threshold amount.
- Once you are ready to allow your Agents access to download their own PDF copy, you can enter the year you'd like them to have access to. If you've been with Loft for several years, you can select which years you'd like them to have access to on an ongoing basis.
On the reports page, you can choose to include inactive Agents and/or Outside Brokers in the filings. Please note, that government filing requires Tax IDs, so if you are reporting for Outside Brokers you'll need to add their Tax IDs.
In your first year with Loft, please review the following information and update us as soon as possible.
In order to prepare your year-end contractor statements, we will need confirmation on the following items:
- Your business tax number (on the Brokerage edit Menu)
- Individual tax numbers for Agents and/or their company tax information, if they are paid to a company name
- Which fees, if any, need to be deducted from the gross commission
- How your Brokerage handles 'Other Income'
Business Tax Number: Enter your corporate Tax ID in the field for your Brokerage.
Agent & Company Tax Numbers
From the Tax Return report, you can export a CSV file to review people and companies that may be missing their Tax IDs. If an Agent is paid to their own name, you'll use the Tax ID on their profiles (social security number).
If they pay out to their company name, please update the Organizations Tax ID in the Organization profile.
You can alter any or all of your fees to deduct from the total Gross Commission to report an amount-net of any of these fees. Without letting Loft know which fees to set as deductibles, we will report on the entire gross commission.
*** Please identify the name of the fees you'd like to deduct in your communication to 'support @Loft47.com' ***
You can allocate 'Other Income' the following ways on your 1099 or T4A. We default the setting to include Other Income as a separate item on the tax report. Please let us know how you'd like to handle it -- if it is not to be included or included as commissions.
- Do not include Other Income at all
- Include Other Income as Commissions (add to commissions)
- Report the Other Income separate from Commission
*** Please identify how you'd like to treat 'Other Income' in your communication to 'support @Loft47.com' ***
Once we receive your feedback, we will go ahead and update your settings and enable the Tax Return report for your download under your Reports menu.
There you can download the CSV version, the FIRE version for online submission, and the PDF version to distribute to your Agents.
Agents will be able to print a PDF of their records via their Profile.
For more information on filing your report, visit here
Thank you :)