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 12/24/2020 5:21:45 AM EST
For TY 2020, the IRS re-introduced Form 1099-NEC to report nonemployee compensation. This was previously reported using box 7 of Form 1099-MISC. Box 7 is no longer on the 2020 Form 1099-MISC, as it is not needed.
The IRS requires that the new Form 1099-NEC is used to report all your non employee compensations for the tax year 2020.
With TaxBandits, you can e-file your Form 1099-NEC to the IRS quickly and efficiently. Click here to learn about completing your Form 1099-NEC.