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Download 1099misc11/9/2023 ![]() Any payments made to employees, including income, retirement contributions, insurance payments, expense reimbursements and travel expenses, typically go on Form W-2. Now, businesses must separately report nonemployee compensation on Form 1099-NEC. Prior to tax year 2020 these payments usually appeared on Form 1099-MISC. ![]() Depending on the nature of these payments, the IRS requires the amounts paid to be reported on either Form 1099-MISC in the case of payments for rent, royalties, prizes and awards, substitute payments in lieu of dividends and other items or 1099-NEC if the payments represent nonemployee compensation. If you are involved in a trade or business and receive payments from other people or entities, these transactions will likely be reported to you and the IRS if they total more than certain amounts during the tax year.
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