The Difference Between 1099 NEC vs 1099 MISC!

Now there are two 1099 forms to fill out, what are the differences between 1099-MISC and 1099-NEC?

Every year, business owners are required to issue 1099-MISC to independent contractors by Jan 31 of the following year. Recently the IRS released a tentative draft of a new form tied to 1099 filing: 1099-NEC.

Employee vs Independent Contractor Video:

Year-End Checklist for 2020 Video:

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00:00 - Intro
00:37 - 1099-MISC Redesigned
01:06 - 1099-NEC
02:02 - 1099-MISC
02:48 - Conclusion

[TenMinuteKQL]

If I just pay another person I know over $600 for services, but they are not a company per say, I still use a 1099-NEC?

[ochicoloto]

nice content. if you pay a contractor in 2023 for work done in 2022, what year is tax owed?

[marinatorres]

I received a 1099 NEC and a 1099 misc and some how I’m getting money back for state taxes does this seem right?

[alluringming]

Usually i get a 1099-Misc but this year i got a 1099 -Nec for some reason. So i got rather confused why it was different

[ecf]

For 2020, the 1099-misc no longer shows Tax Cost, but is tax cost still deductible on sched E, line 16? Thanks

[plekka]

Do I need a separate 1096 to accompany each batch of forms- 1099Nec and 1099misc?

[thenobleone-]

I received the 1099-NEC I'm not familiar with it