On a 1099 (I presume 1099-Misc), what's the difference between box 3 and box 7?
A company was sold and the (now apparently former) employees were promised a part of the sale proceeds, to be paid over five years starting in 2017. Payments were made in 2017 and 2018, and the former employer issued 1099's showing the payments in box 7. The accountant for one of the employees is saying it should have been in box 6, which would result in a much lower tax for the employee.
Can someone educate me? I have no idea what's going on here.
Thanks.
Stu