Nearly the 10 million dollar dream by 50 on a 400k 1099 income ??

[finalpsychyear]

Maybe my post is mere fantasy but I feel this "number" is maybe much more attainable when broken down.


I feel there is something wrong with my math and before i start thinking about how this might actually be possible I just want some input. My calculation below assumes by the time someone is 35 years old they have accumulated 1.3 mill in a taxable account and plan to contribute yearly about 100k into it for 15 years. It also assumes having a cash balance plan with a spouse getting a 20k wage and both participating in cash balance and solo 401k for 10 years. This theoretical couple would also max out HSA, backdoor roth for 10 years.

After 10 years here is the balance:
Taxable : 3.5 mill (1.3 mill with 100k yearly with a conservative 6% return)
Cash Balance: roughly 1.5 mill (1.2 husband, 250 wife)
solo 401 IRA+HSA+ backdoor roth: 1 mill after 10 years.

In just 10 years we have 6 million which after 5 years of a 7% return is about 9 million. I used 6% returns for the majority of this calculation so a 0.5-1 percent more in those first 10 years you would be at the 10 mill number.

I am not saying this is easy but it seems silly to me you could "gross" 400k over 15 years or 6 mill and have nearly 10 mill in your accounts across the board.

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[southerndoc]

The power of compounding is real. However, I've read several articles from several sources citing 4-5% returns over the next decade.

Just remember:

1. Don't try to beat the market. Index investing will win nearly every time.
2. Don't give your money away to a "financial pro" who will rob your portfolio 1-2% per year. That means you'll get 2-4% returns on your money instead of 4-5% that is projected.
3. Stay the course. Keep slugging money into the funds you own. I personally own 60% US total index and 40% international total index (ex-US FTSE) through Vanguard (VTSAX and VFWAX). If one is doing poorly, I put more money into it when I contribute monthly. I try to put enough into it so that it keeps the 60/40 split (basically rebalance every month).
4. Resist the temptation to think differently about your asset allocation unless you have a very good reason to do so. Market timing is not a reason.
5. If you don't have the willpower to stay the course, simply invest in a Target Retirement fund. Expense ratios are a little higher, but it'll force you on the right path.

 

[finalpsychyear]

The power of compounding is real. However, I've read several articles from several sources citing 4-5% returns over the next decade.

Just remember:

1. Don't try to beat the market. Index investing will win nearly every time.
2. Don't give your money away to a "financial pro" who will rob your portfolio 1-2% per year. That means you'll get 2-4% returns on your money instead of 4-5% that is projected.
3. Stay the course. Keep slugging money into the funds you own. I personally own 60% US total index and 40% international total index (ex-US FTSE) through Vanguard (VTSAX and VFWAX). If one is doing poorly, I put more money into it when I contribute monthly. I try to put enough into it so that it keeps the 60/40 split (basically rebalance every month).
4. Resist the temptation to think differently about your asset allocation unless you have a very good reason to do so. Market timing is not a reason.
5. If you don't have the willpower to stay the course, simply invest in a Target Retirement fund. Expense ratios are a little higher, but it'll force you on the right path.

You are spot on. If i had a ton of cash ready for investing i would drop it 100% in vtsax. My cash balance would basically serve as my bond allocation. EVERYTHING ELSE from 401k, hsa, roth would all go into index fund through vanguard us and international via vanguard. Screw financial advisors. I may get a few on WCI that are like 1k-1500 a year just to kind of point me in the right direction maybe.

If i ever get to the 5 mill mark in money i can then think of where i may invest my "new" money at that time once i have read and learned whatever it is i might be thinking about.

 

[southerndoc]

If you're doing this in a taxable account, I would use VTI (ETF) instead of VTSAX (mutual fund). A little better tax efficiency, and Vanguard's ETF's are shares of their mutual fund (unique structure that they have patented).

 

[Mman]

Maybe my post is mere fantasy but I feel this "number" is maybe much more attainable when broken down.


I feel there is something wrong with my math and before i start thinking about how this might actually be possible I just want some input. My calculation below assumes by the time someone is 35 years old they have accumulated 1.3 mill in a taxable account and plan to contribute yearly about 100k into it for 15 years. It also assumes having a cash balance plan with a spouse getting a 20k wage and both participating in cash balance and solo 401k for 10 years. This theoretical couple would also max out HSA, backdoor roth for 10 years.

After 10 years here is the balance:
Taxable : 3.5 mill (1.3 mill with 100k yearly with a conservative 6% return)
Cash Balance: roughly 1.5 mill (1.2 husband, 250 wife)
solo 401 IRA+HSA+ backdoor roth: 1 mill after 10 years.

In just 10 years we have 6 million which after 5 years of a 7% return is about 9 million. I used 6% returns for the majority of this calculation so a 0.5-1 percent more in those first 10 years you would be at the 10 mill number.

I am not saying this is easy but it seems silly to me you could "gross" 400k over 15 years or 6 mill and have nearly 10 mill in your accounts across the board.

Cash balance return will be far lower than 6%. Your target return on those funds is calculated by the government annually and is much closer to 3.5-4%. Also, what sort of annual contribution are you expecting towards cash balance? You imply you and spouse will both be contributing, but your spouse isn't an employee of your 1099 income.

 

[finalpsychyear]

Cash balance return will be far lower than 6%. Your target return on those funds is calculated by the government annually and is much closer to 3.5-4%. Also, what sort of annual contribution are you expecting towards cash balance? You imply you and spouse will both be contributing, but your spouse isn't an employee of your 1099 income.

I was quoted a 6% return by 2 different firms but sure it might be lower. The bottom line is for a 35 year old your account can only accumulate to 1.2 mill and likely a bit higher in the next 10 years. The scenario i presented involves an owner only cash balance with spouse included but NO Employees other than sorta the spouse.

Spouse does billing and office manager duties she would qualify to be on payroll. For a 35 yo doc and spouse and just the cash balance portion would be about 100k yearly which would increase 5-7k yearly till it terminates in 10 years. Between the two of us the cash balance only portion would be about 1.5 mill after 10 years which then fully rolls over into your IRA.

 

[southerndoc]

Firms will always quote you the higher side. They need to justify their 1-2% robbery.

Stick with index funds and stay away from financial advisors. You'll thank yourself when you retire. Very few beat the market consecutively, but every one steals your money consecutively. Every 1-2% you pay them is 1-2% lower you receive on your returns.

 

[Mman]

I was quoted a 6% return by 2 different firms but sure it might be lower. The bottom line is for a 35 year old your account can only accumulate to 1.2 mill and likely a bit higher in the next 10 years. The scenario i presented involves an owner only cash balance with spouse included but NO Employees other than sorta the spouse.

Spouse does billing and office manager duties she would qualify to be on payroll. For a 35 yo doc and spouse and just the cash balance portion would be about 100k yearly which would increase 5-7k yearly till it terminates in 10 years. Between the two of us the cash balance only portion would be about 1.5 mill after 10 years which then fully rolls over into your IRA.

I believe the target return for cash balance plans this year is something closer to 3.7%. I mean you can get as much a return as you want in a year, they just decrease how much you can fund it in the future.

Also for a spouse, yes I know you can pay them to work for you, it just isn't coming out of your 1099 income. You'd need to set up a separate corporation and pay their payroll taxes and what not in addition to the income.

 

[finalpsychyear]

Firms will always quote you the higher side. They need to justify their 1-2% robbery.

Stick with index funds and stay away from financial advisors. You'll thank yourself when you retire. Very few beat the market consecutively, but every one steals your money consecutively. Every 1-2% you pay them is 1-2% lower you receive on your returns.

Well the firm is charging 2300 per year for a 1 person cash balance combined with a solo 401k plan or 2800 for a doc and spouse yearly for a combined cash balance and 2 401k plans. First year its doubled those rates due to it being an "admin" fee. Then of course they can manage it in an AUM model or hourly.

They of course then offer to "manage" your cash balance and 401k funds for AUM fee model or hourly if you prefer but you can get another person to manage it for like 1000 per year according to WCI.

 

[finalpsychyear]

I believe the target return for cash balance plans this year is something closer to 3.7%. I mean you can get as much a return as you want in a year, they just decrease how much you can fund it in the future.

Also for a spouse, yes I know you can pay them to work for you, it just isn't coming out of your 1099 income. You'd need to set up a separate corporation and pay their payroll taxes and what not in addition to the income.

Yes, your right about that. You don't necessarily have to form a corporation bc if you file as a sole prop and either you or the spouse is the sole owner and the other is the employee you can keep that status or you can do a qualified joint venture based on my reading where both are owners.

Ultimately, it won't matter whether your a sole prop, s corp, or llc you are going to have to have to have a payroll and payroll taxes on the wife if she is an employee. It doesn't prevent you from having a cash balance for both of you. The 1099 income i was referring to was from a private practice where the wife would play the manager/employee role/billing.

I don't know if its more complex if you have a private practice and you do side work like moonlighting for 1099 money. I dont really see the difference in how it would really matter especially if you have in place an actual private practice where you see patients.

Edit: "it isn't coming out of your 1099 income" indirectly it is bc the salaries/benefits would all be deductions for the business.

The Benefits and Drawbacks of Working for a Husband or Wife's Business

Here is a look at the benefits and drawbacks of hiring your spouse to work at your company, along with tips on how to manage your husband or wife as an employee.

www.thebalancesmb.com

 

[Mman]

The 1099 income i was referring to was from a private practice where the wife would play the manager/employee role/billing.

I don't know if its more complex if you have a private practice and you do side work like moonlighting for 1099 money. I dont really see the difference in how it would really matter especially if you have in place an actual private practice where you see patients.

Edit: "it isn't coming out of your 1099 income" indirectly it is bc the salaries/benefits would all be deductions for the business.

The Benefits and Drawbacks of Working for a Husband or Wife's Business

Here is a look at the benefits and drawbacks of hiring your spouse to work at your company, along with tips on how to manage your husband or wife as an employee.

www.thebalancesmb.com

1099 means you are a working as an independent contractor and not as part of some separate company she could work for. Ask an accountant, but 1099 is 1099 is 1099. If you want to set up a side business apart from that 1099 income, your wife could certainly work for that.

 

[finalpsychyear]

I believe the target return for cash balance plans this year is something closer to 3.7%. I mean you can get as much a return as you want in a year, they just decrease how much you can fund it in the future.

Also for a spouse, yes I know you can pay them to work for you, it just isn't coming out of your 1099 income. You'd need to set up a separate corporation and pay their payroll taxes and what not in addition to the income.

Your very experienced and I know I have much to learn. For a 35 yo solo doc in PP with no employees who is already maxing out 401k, hsa, backdoor roth, its a no brainer that they should have a cash balance if they can afford the 70-80k tax deferred contribution after maxing out those other ones mentioned right and keeping it fully funded for at least 3-5 years minimum with 10 being ideal if the ongoing fees are roughly 2k a year to run that cash balance?

I guess what i am saying is over the long haul its better as an investment than say paying the taxes on that 80k ( like 40k tax) and instead investing it in the stock market even though the real gains of the cash balance will occur when it is rolled over at termination into the IRA when the return can be much higher potentially?

 

[Mman]

Your very experienced and I know I have much to learn. For a 35 yo solo doc in PP with no employees who is already maxing out 401k, hsa, backdoor roth, its a no brainer that they should have a cash balance if they can afford the 70-80k tax deferred contribution after maxing out those other ones mentioned right and keeping it fully funded for at least 3-5 years minimum with 10 being ideal if the ongoing fees are roughly 2k a year to run that cash balance?

I guess what i am saying is over the long haul its better as an investment than say paying the taxes on that 80k ( like 40k tax) and instead investing it in the stock market even though the real gains of the cash balance will occur when it is rolled over at termination into the IRA when the return can be much higher potentially?

i think a cash balance plan is a great idea. My group does one. Nice way to defer taxes. But it's basically a bond in terms of growth because you are limited in what it can attain and if it grows too fast they just block you from making contributions in the future.

 

[finalpsychyear]

i think a cash balance plan is a great idea. My group does one. Nice way to defer taxes. But it's basically a bond in terms of growth because you are limited in what it can attain and if it grows too fast they just block you from making contributions in the future.

well a bond for the 5 or 10 years till termination then it goes into your IRA where it can do mega damage as you can invest it as aggressively as you want.

 

[Mman]

well a bond for the 5 or 10 years till termination then it goes into your IRA where it can do mega damage as you can invest it as aggressively as you want.

My cash balance plan will run for 20+ years, not 5 or 10. And if you max it out, you can always start another one.

 

[dpmd]

I believe the target return for cash balance plans this year is something closer to 3.7%. I mean you can get as much a return as you want in a year, they just decrease how much you can fund it in the future.

Also for a spouse, yes I know you can pay them to work for you, it just isn't coming out of your 1099 income. You'd need to set up a separate corporation and pay their payroll taxes and what not in addition to the income.

You don't have to set up a separate corporation for the spouse. Entities | Internal Revenue Service. You do however end up paying taxes on profits for each.

 

[Mman]

You don't have to set up a separate corporation for the spouse. Entities | Internal Revenue Service. You do however end up paying taxes on profits for each.

That implies you already have a corporation. 1099 income from somebody is not a corporation.

 

[dpmd]

That implies you already have a corporation. 1099 income from somebody is not a corporation.

Read the link. I am referring to sole proprietorship, not a corporation

 

[Mman]

Read the link. I am referring to sole proprietorship, not a corporation

earning 1099 income from somebody does not make you a sole proprietorship

 

[dpmd]

earning 1099 income from somebody does not make you a sole proprietorship

Unless you selected a different business structure you would be in the eyes of the irs. Sole Proprietor ve Independent Contractor Explained

 

[Mman]

Unless you selected a different business structure you would be in the eyes of the irs. Sole Proprietor ve Independent Contractor Explained

that isn't relevant for determining if you can hire your spouse to get them on a defined benefit plan

 

[dpmd]

that isn't relevant for determining if you can hire your spouse to get them on a defined benefit plan

I'm trying to walk you through it but I don't know if you just aren't reading the linked info or simply don't understand it. If your spouse materially participates in your business (which is the services you provide to get those 1099s, and the spouse's role being keeping the books or whatever) then you can assign some if the money you bring in to them on a separate schedule c and do whatever kind of retirement plan you want from it. Even if the only money you get is from one 1099 you can work it that same way as long as the assignment is in proportion to the work they do for the business (the business of you being an independent contractor even)

 

[Mman]

I'm trying to walk you through it but I don't know if you just aren't reading the linked info or simply don't understand it. If your spouse materially participates in your business (which is the services you provide to get those 1099s, and the spouse's role being keeping the books or whatever) then you can assign some if the money you bring in to them on a separate schedule c and do whatever kind of retirement plan you want from it. Even if the only money you get is from one 1099 you can work it that same way as long as the assignment is in proportion to the work they do for the business (the business of you being an independent contractor even)

I'm telling you if you are a physician getting 1099 for locums work, you are going to be in line for a bad outcome on an audit if that is your basis for calling your wife an employee for retirement benefits for her.

 

[dpmd]

I'm telling you if you are a physician getting 1099 for locums work, you are going to be in line for a bad outcome on an audit if that is your basis for calling your wife an employee for retirement benefits for her.

Not if the work they do is documented and meets the criteria laid out by the irs.

 

[Mman]

Not if the work they do is documented and meets the criteria laid out by the irs.

anybody can do whatever they want with their taxes. It only matters when you get audited.

 

[dpmd]

anybody can do whatever they want with their taxes. It only matters when you get audited.

You can say that about every deduction you take. Doesn't change the fact that if you follow the regs you should prevail at audit. Or I suppose you could just fail to take any and just pay the extra taxes.

 

[anbuitachi]

why is it that ive read WCI and i still dont know what most of you are talking about?? How do you open a cash balance plan, and how did you get 1.5M.
How do you get 1.3M in taxable account at age 35 which is like a few years after residency on only a 400k 1099 wage?

 

[dpmd]

why is it that ive read WCI and i still dont know what most of you are talking about?? How do you open a cash balance plan, and how did you get 1.5M.
How do you get 1.3M in taxable account at age 35 which is like a few years after residency on only a 400k 1099 wage?

Yeah, that part about 1.3M in taxable made no sense to me but then we went off on the tangent of the spouse. Maybe a trust fund matured?

 

[Mman]

You can say that about every deduction you take. Doesn't change the fact that if you follow the regs you should prevail at audit. Or I suppose you could just fail to take any and just pay the extra taxes.

What % of income as a physician as a 1099 do you personally attribute to your spouse at home? How much do you claim?

 

[dpmd]

What % of income as a physician as a 1099 do you personally attribute to your spouse at home? How much do you claim?

500 hrs a year works out to about 10 hrs a week assuming 2 weeks vacation compared to presumably 40 or more so you could argue for 1/4 according to irs rules but that would be pretty extreme for a spouse without special skills. Mine is a nurse so before he got an employed job he did stuff like inputting my cases in an online registry that counts toward Medicare quality improvement requirement. He also occasionally answered my phone and took consult info (like while I nap and then he would triage if I need to be woken up). He got less than 15% of gross. It ended up being a number that matches other part time nursing jobs. Someone with accounting skills keeping the books could get a similar amount without raising eyebrows. But now that he has a full time employed job he doesn't help with the business anymore.

 

[Mman]

500 hrs a year works out to about 10 hrs a week assuming 2 weeks vacation compared to presumably 40 or more so you could argue for 1/4 according to irs rules but that would be pretty extreme for a spouse without special skills. Mine is a nurse so before he got an employed job he did stuff like inputting my cases in an online registry that counts toward Medicare quality improvement requirement. He also occasionally answered my phone and took consult info (like while I nap and then he would triage if I need to be woken up). He got less than 15% of gross. It ended up being a number that matches other part time nursing jobs. Someone with accounting skills keeping the books could get a similar amount without raising eyebrows. But now that he has a full time employed job he doesn't help with the business anymore.

that would seem to be specialty specific and require having a nurse for a spouse

 

[Hercules]

Well the firm is charging 2300 per year for a 1 person cash balance combined with a solo 401k plan or 2800 for a doc and spouse yearly for a combined cash balance and 2 401k plans. First year its doubled those rates due to it being an "admin" fee. Then of course they can manage it in an AUM model or hourly.

They of course then offer to "manage" your cash balance and 401k funds for AUM fee model or hourly if you prefer but you can get another person to manage it for like 1000 per year according to WCI.

As a side note, you don’t have to pay anyone to handle the investing side of the CBP. You can handle it yourself. We do and are very comfortable with it.

 

[finalpsychyear]

I'm telling you if you are a physician getting 1099 for locums work, you are going to be in line for a bad outcome on an audit if that is your basis for calling your wife an employee for retirement benefits for her.

I think there is some confusion. You can be a sole prop and have a private practice. In that designation all your income is 1099 from insurance companies anyways. Plus you can have several side 1099 gigs. There is no separation in what money comes from what if your designated as a sole prop. I checked this with 2 accts and have 3 family members who are in medicine and have had PP for 20 years, 2 were audited (random) and came out with no issues having wife on retirement payroll ( she did billing and office manager duties).

However, if you actually have a legit office your doing a PP at with a business address it is much more legit than just placing your wife on your 1099 side work which some employed doc who is doing moonlighting decides to do which the wife has nothing to do with. In my situation, my potential spouse would be doing billing, office manager work, and would at some point be a therapist working in the practice as well. Since PP is becoming much more rare today you don't hear about this much anymore.

 

[finalpsychyear]

Yeah, that part about 1.3M in taxable made no sense to me but then we went off on the tangent of the spouse. Maybe a trust fund matured?

Those were hypothetical numbers.

why is it that ive read WCI and i still dont know what most of you are talking about?? How do you open a cash balance plan, and how did you get 1.5M.
How do you get 1.3M in taxable account at age 35 which is like a few years after residency on only a 400k 1099 wage?

Its a hypothetical case. Do realize there are some docs out there who do those accelerated programs and with a 4 year residency are 28 years old and attending level. I have friends who did this and others who were attendings at 30. Also, i know several who didn't marry right away and stockpiled their money living with parents for 3-4 years. If your doing that you can easily hit close to those numbers after 4-5 years. Its not the norm i agree.

 

[Mman]

I think there is some confusion. You can be a sole prop and have a private practice. In that designation all your income is 1099 from insurance companies anyways. Plus you can have several side 1099 gigs. There is no separation in what money comes from what if your designated as a sole prop. I checked this with 2 accts and have 3 family members who are in medicine and have had PP for 20 years, 2 were audited (random) and came out with no issues having wife on retirement payroll ( she did billing and office manager duties).

However, if you actually have a legit office your doing a PP at with a business address it is much more legit than just placing your wife on your 1099 side work which some employed doc who is doing moonlighting decides to do which the wife has nothing to do with. In my situation, my potential spouse would be doing billing, office manager work, and would at some point be a therapist working in the practice as well. Since PP is becoming much more rare today you don't hear about this much anymore.

I guess my confusion is in what sort of practice you are describing (specialty, etc). Money that comes from an insurance company is "income", not "1099". 1099 is a tax form that describes that you were paid as an independent contractor to some other entity. Now can you be a "sole proprietor" as an IC that works on behalf of some other entity, but that isn't really what I think of as a private practice.

To the IRS, if you can be described as a full time employee, your income must be reported as W2, 1099 reporting of income isn't optional.

 

[dpmd]

I guess my confusion is in what sort of practice you are describing (specialty, etc). Money that comes from an insurance company is "income", not "1099". 1099 is a tax form that describes that you were paid as an independent contractor to some other entity. Now can you be a "sole proprietor" as an IC that works on behalf of some other entity, but that isn't really what I think of as a private practice.

To the IRS, if you can be described as a full time employee, your income must be reported as W2, 1099 reporting of income isn't optional.

Money that comes from insurance companies when you are in private practice is income that is reported on a 1099 form. You aren't employed by any of them. You are an independent contractor for them providing medical services so they report it on 1099 misc, just on line 6 (medical payments) instead of line 7 (nonemployee compensation)

 

[finalpsychyear]

Money that comes from insurance companies when you are in private practice is income that is reported on a 1099 form. You aren't employed by any of them. You are an independent contractor for them providing medical services so they report it on 1099 misc, just on line 6 (medical payments) instead of line 7 (nonemployee compensation)

Yes, thank you 100%. I have my own PP under a sole prop and work a 30 hour side gig as an indep contractor as well. At the end of the year I get like 10 different 1099 forms including one from each major insurer and the side gig that i have. I do my own taxes and have an acct who does them officially and we end up with the same numbers but i have learned a lot from not being solely dependent on anyone.

p.s. part time in 10 years is the dream

 

[finalpsychyear]

I guess my confusion is in what sort of practice you are describing (specialty, etc). Money that comes from an insurance company is "income", not "1099". 1099 is a tax form that describes that you were paid as an independent contractor to some other entity. Now can you be a "sole proprietor" as an IC that works on behalf of some other entity, but that isn't really what I think of as a private practice.

To the IRS, if you can be described as a full time employee, your income must be reported as W2, 1099 reporting of income isn't optional.

Psychiatry is the specialty. By the end of the year I end up with like 10 different 1099 forms from all major insurance carriers and then one from a part time side gig that pays me hourly. Even if i formed an LLC or an S corp I could be an employee under my own S corp but i would pay myself a w2 salary that is reasonable and customary but it would still come from the pool of 1099 money.

Again, I could choose to employee wife, kids, friends under any of those models provided they were doing legit work. Actually, once they are an employee and are working a certain amount of hours you are MANDATED to provide the same type and similar proportion of retirement plan to all employees through something called non discrimination testing.

And that last point is the biggest reason MOST don't have a cash balance plan is they are in a group that doesn't have one or if they are a solo private practice doc they would have to provide and pay for the benefits of all the employees due to the law mandating them. Now if you can pull off a business with just you and a spouse then that is an advantage. I am a do it all type of person and have learned billing and nearly all the tasks an office manager would do and do it myself but it has gotten to the point where i don't have the energy for it. I also can't see 99% of the docs doing the admin work i do but i have learned so much doing it just not sure how much longer i will do it.

 

[Mman]

Money that comes from insurance companies when you are in private practice is income that is reported on a 1099 form. You aren't employed by any of them. You are an independent contractor for them providing medical services so they report it on 1099 misc, just on line 6 (medical payments) instead of line 7 (nonemployee compensation)

I'm in a private group (anesthesia) and no money we collect from an insurance company is 1099.

 

[dpmd]

I'm in a private group (anesthesia) and no money we collect from an insurance company is 1099.

Do you receive individual reimbursement for your personal billing, or is this a partnership where the billing is done on behalf of the group and you therefore receive your cut of the money from the group based on some other reimbursement (like x amount per rvu, or your collections minus the group's expenses). I am in solo private practice and individually contract with insurance companies. Every dollar I get from the insurance companies comes on a 1099 (here is a reference for why that is the case). For group billing the payment would be reported to the group on whatever applicable form there is when it is an entity getting paid instead of a person.

 

[Mman]

our private group billing is done in individual's name but at the group level

 

[dpmd]

our private group billing is done in individual's name but at the group level

So either the group gets the 1099s and then pays you your cut or some other method I don't know of.