1099 Medical Payments

[Edsel]

I am tackling prior years' return for a physician. 
There is a pile of some $1.5MM in 1099-MISC forms and 1099-Ks issued to him.  Most of the 1099s have dollar amounts in the "Medical Payments" box instead of the "Non-Employee Compensation" box.

Is there any difference between the two for either taxable revenue purposes or self-employment tax purposes?

 

 

[Lynn EA USTCP in Louisiana]

IMO (totally unresearched), there is no difference between the 1099-MISC box 7 and Medical Payments box (whatever # that is).  They are both counted as income.  Does he have financials that reflect income at least, or more than, the total of the 1099-MISC and 1099-K issued to him? 

Lynn

[Max W]

1 hour ago, Edsel said:

Is there any difference between the two for either taxable revenue purposes or self-employment tax purposes?

 

 

No. They are payments from the insurance companies for services performed as a medical professional.   If there are some payments in Box 3, they should probably be included, as well.  

[Edsel]

2 hours ago, Lynn EA USTCP in Louisiana said:

 They are both counted as income.  Does he have financials that reflect income at least, or more than, the total of the 1099-MISC and 1099-K issued to him? 

Lynn

Can't think of a single reason why they wouldn't be income just as if they were Nonemployee Compensation.

Lynn - sorry but I can't give you a straight answer.  Financials are all messed up.  For example, some 1099s have joint recipients.