What is new?
- Addition of 1099 NEC Form
What is 1099 NEC?
IRS has introduced a 1099 NEC form to report payments of $600 or more for services of nonemployees and attorneys. Previously these payments have been recorded in Box Number 7 of 1099 MISC form.
In the new form – 1099 NEC these payments will be recorded on Box Number 1 and starting form 2020 1099 filings, these payments will not be included in 1099 MISC form. So the 1099 MISC form has been modified accordingly to remove 1099 NEC payments – Box 7.
Changes to the 1099 MISC Form:
- Rents (box 1)
- Prizes and awards (box 3)
- Other income payments (box 3)
- Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3)
- Any fishing boat proceeds (box 5)
- Medical and health care payments (box 6)
- Crop insurance proceeds (box 9)
- Payments to an attorney (box 10) (see Payments to attorneys, later)
- Section 409A deferrals (box 12) or
- Nonqualified deferred compensation (box 14)
Download NEW 1099 MISC Form >>>
Download 1099 NEC FORM >>>