Where do I report Non employee Compensation for prior years?
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Last modified 12/24/2020 5:19:19 AM EST
When reporting Nonemployee Compensation for the two years immediately preceding 2020, you will need to use prior year Form 1099-MISC. The IRS requires you to report non employee compensation using Form 1099-MISC if the reporting year is 2019 or earlier. On Form 1099-MISC, should be used to enter nonemployee compensation.
If you want to report Nonemployee Compensation for the tax year 2020, you must use Form 1099-NEC. This is a new tax return exclusive for reporting Nonemployee Compensation from the tax year 2020.
TaxBandits supports Form 1099-NEC e-filing for the tax year 2020.