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