What do you report on Form 1099-NEC?
115 views | Last modified 7/16/2020 9:18:16 AM EST | Added by TaxBandits Team

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

Form 1099-NEC is purely for reporting the Nonemployee Compensation, which is $600 or more given to the 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:

  • 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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