What information is reported on Form 1099-NEC?
1.1k views |
Last modified 1/7/2022 8:05:52 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
With TaxBandits, you can easily file Forms 1099-NEC with the IRS and choose a solution for your recipient copies in minutes.