What information is reported on Form 1099-NEC?
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Last modified 12/24/2020 5:10:27 AM EST |
Added by TaxBandits Team
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,
- Other forms of compensation for service
Other forms of compensation include the following:
- Amount paid for the trade or business
- Amount paid to any individual, partnership, cooperation or estate
- Oil, gas payment
- Entertainment expenses
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