I don't see an option to report NEC payments on the 2020 Form 1099-MISC, how do I report NEC payments?
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Last modified 1/24/2023 7:14:50 AM EST
For the 2020 tax year, the IRS introduced Form 1099-NEC with the sole purpose of reporting nonemployee compensation. This means going forward, non-employee compensation is no longer reported in Box 7 of Form 1099-MISC.
From the tax year 2020 on, the IRS requires all nonemployee compensation to be reported on Form 1099-NEC only.