What is the difference between 1099-MISC and 1099-NEC?
121 views | Last modified 7/16/2020 9:17:48 AM EST | Added by TaxBandits Team

Applicable To
94X 1099 W-2 ACA W-4

Before the mid of 2019, Form 1099-MISC had the Box 7, which is used to report Nonemployee Compensation. Now, Box 7 is excluded from that and treated as a new form called 1099-NEC. It is because of the confusion on the filing dates. Let’s see how it is differentiated. 

Form 1099-NEC is drafted in such a way to report the nonemployee compensation alone, whereas Form 1099-MISC can be used to report the other miscellaneous expenses. 

Note: The IRS has released the revised version of Form 1099-MISC.

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