A new form dedicated for reporting Non-Employee Compensation. Starting with 2020, you will no longer report NEC amounts on the 1099-MISC form in Box 7. You will use the new1099-NEC form starting in tax year 2020. Any amounts formerly reported in Box 7 will now go into the 1099-NEC Box 1. You can also report federal tax withheld in Box 4 of the 1099-NEC. It is due to the IRS by Feb. 1, 2021. (link to IRS 1099-NEC instructions.)
Does the 1099-MISC still exist?
Yes. The 1099-MISC still has all other boxes other than Box 7. The box numbers after box 7 have been shuffled around, but otherwise, it is the same, just missing Nonemployee compensation. It is now due to the IRS by Mar. 31. (link to IRS New 1099-MISC instructions )
What if I need to fill out a tax year 2019 or prior 1099-MISC or NEC?
The 1099-NEC does not exist for prior years, so you will only use the NEC from tax year 2020 going forward. The IRS now has two versions of the 1099-MISC. You will use the new version for tax year 2020 and forward, while using the old version for tax years 2019 and prior.
What is a 1096 form?
A Form 1096 is the summary page for all 1099’s that were filed. A 1096 is only required if the 1099 forms were paper filed with the IRS. If the 1099 forms are electronically filed, then a 1096 is not needed.
When are 1099-NEC and W-2 forms due?
1099-NEC and W-2 forms must be delivered to recipients by Feb. 1 and to the IRS by Feb 1.
When are 1099 forms due?
All 1099 forms except 1099-NEC must be delivered to recipients by Feb. 1 and to the IRS by Mar. 31, 2021.
What is a 1095-C?
The Form 1095-C contains important information about the healthcare coverage offered or provided to you by your employer. Information from the form may be referenced when filing your tax return and/or to help
Are we still responsible for filing a 1095-C?
Yes, and the filing deadlines vary by state. For example, California has a March 31, 2020 deadline for information for 2019. Texas deadline is March 2.
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