What information is reported on Form 1099-NEC?
589 views | Last modified 12/24/2020 5:10:27 AM EST | Added by TaxBandits Team

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

The purpose of Form 1099-NEC is for reporting Nonemployee Compensation, which is defined as payments of  $600 or more to independent contractors for their service.

Nonemployee compensation includes the following payments,

  • Fees
  • Commissions
  • Prizes
  • Awards
  • Other forms of compensation for service

Other forms of compensation include the following:

  1. Amount paid for the trade or business
  2. Amount paid to any individual, partnership, cooperation or estate  
  3. Oil, gas payment
  4. Entertainment expenses

With TaxBandits, you can easily file Forms 1099-NEC with the IRS and choose a solution for your recipient copies in minutes!

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