Hi Everyone -
What exactly is the difference between a 1099-NEC and 1099-Misc? I read the instructions, but it seems to me that they're treated the same. Sorry, I don't get it.
Thanks for any information you have.
1099-NEC replaces the old box 7 on a 1099-MISC.
Ira Smilovitz, EA Leonia, NJ
Got it. Thanks Ira.
1099-NEC was introduced for the calendar year 2020 information return reporting cycle. The layout is identical to the 1099-MISC in case you are still still filling in the fields using high-speed printers on pre-printed forms. I suppose they still work on IRS scanners.
There had been a Form 1099-NEC in 1982. In 1983, the box to report non-employee compensation was added to 1099-MISC and the 1099-NEC was eliminated.
That non-employee compensation was reported on 1099-MISC introduced the complexity given that the deadline for reporting non-employee compensation was January 31 but the deadline for reporting anything else on the
1099-MISC was February 28.Historical information came from this article.
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