How to report form 1099 Non-Employee compensation for tax year 2020?
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Last modified 11/30/2020 3:45:57 PM EST |
Added by 123PayStubs Team
As the form is revised for 2020, you need to file Form 1099-NEC to report “Non-Employee Compensation”. 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)”.
By signing up with 123PayStubs, you can easily file your form 1099-NEC electronically in a few minutes. To file Form 1099-NEC, click here