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New 1099 NEC

Which 1099 form will you need for 2020?

The new 1099-NEC forms for reporting payments of $600 or more to:

  • Non-employees (contractors)

1099-MISC forms for reporting other miscellaneous payments of $600 or more for:

  • Rents

  • Royalties

  • Other income

  • Fishing boat proceeds

  • Medical and health care payments

  • Substitute payments in lieu of dividends or interest

  • Crop insurance proceeds

  • Gross proceeds paid to an attorney

  • Excess golden parachute payments

  • Non-qualified deferred compensation

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