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Below are some new developments and information related to Forms 1099 MISC for 2020 reporting:
Redesigned Form 1099-MISC.
Due to the creation of Form 1099-NEC, we have revised Form 1099-MISC and rearranged box numbers for reporting certain income.
Changes in the reporting of income and the form’s box numbers are listed below.
Payer made direct sales of $5,000 or more (checkbox) in box 7.
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.
From the IRS: File Form 1099-MISC for each person to whom you have paid during the year:
At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
At least $600 in:
Rents.
Prizes and awards.
Other income payments.
Medical and health care payments.
Crop insurance proceeds.
Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish.
Generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
Payments to an attorney.
Any fishing boat proceeds.
In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
Download the current Form 1099-MISC HERE
Instructions HERE
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