Form 1099-NEC
Form 1099-NEC is a variant of the IRS 1099 form that is used for reporting non-employee compensation. The form is used to report non-employee compensation paid to independent contractors. The form is required to be filed if there was greater than $600 in total payments made to the recipient during the tax year. It was reintroduced for the 2020 tax year after last being used in 1982.[1] From the 1983 to 2019 tax years, non-employee compensation was instead reported on Form 1099-MISC. Form 1099-NEC must be sent to the recipient and filed with the IRS by February 1st. [2]
Form 1099-NEC should be filed for each person who was paid at least $600 in the course of business during the year for the following:
- Services performed by someone who is not your employee (including parts and materials) (box 1);
- Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish (box 1); or
- Payments to an attorney (box 1).
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- ↑ "Prior Year Products". apps.irs.gov. Retrieved 2020-08-28.
- ↑ "2020 Form 1099-NEC" (PDF). irs.gov. Unknown parameter
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