If your business pays nonemployee compensation and other reportable payments, you must be aware of two forms: Form 1099-MISC and Form 1099-NEC. Many employers are likely familiar with Form 1099-MISC.

You might receive this document if you have freelance work, investment income, retirement distributions or other financial transactions.

Income from prizes and awards is an example of what goes on a 1099-MISC. 1099-NEC: In 2020, the IRS reintroduced the 1099-NEC, which companies now use to report money paid to people who did work ...

Why you might receive a 1099-K for the first time. A 1099-K form is a relatively new IRS income tax form that freelancers and busines ...

1099-NEC and 1099-MISC (issued by the University to various independent contractors, attorneys, others) Form 1099-NEC is issued by the University to individuals that were paid for: Independent ...

Incorrect Taxpayer Identifications Numbers (TIN) Failure to issue 1099 when required Incorrect amount(s) on 1099 Failure to back-up withholding for incorrect TIN: 24% Collection of W-9 Form from all ...

As a freelancer or gig worker, you may also be used to receiving either a form 1099-MISC or 1099-NEC for the work that you do. Companies are required to issue these forms for any work over $600 ...

If you're self-employed and have several clients, you should receive a 1099-MISC from each client who paid you $600 or more. All pages of Form 1099-MISC are available on the IRS website.