What are the changes in Form 1099-MISC 2020?
523 views |
Last modified 11/30/2020 3:33:10 PM EST |
Added by 123PayStubs Team
The changes and rearranged box numbers in Form 1099-MISC for reporting certain income and the form’s box numbers are listed below.
- Previously, “Non-Employee Compensation” payments were reported to recipients in form 1099-MISC, Box 7. but now in box 7 you report “Payer made direct sales of $5,000 or more (checkbox)”.
- Crop insurance proceeds are reported in box 9
- Gross proceeds to an attorney are reported in box 10
- Section 409A deferrals are reported in box 12
- Nonqualified deferred compensation income is reported in box 14
- Boxes 15, 16, and 17 report state taxes withheld, state identification number, and amount of income earned in the state, respectively.
123PayStubs`supports the most up-to-date Form 1099-MISC. You can file 1099-MISC easily by following a few simple steps with 123PayStubs.