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September 20, 2021 at 5:37 PM. mediaphotos / Getty Images. ... However, the 1099-MISC has been replaced with the 1099-NEC for independent contractors. Form 1099-MISC, Miscellaneous Income, is ...
In comparison, you'll file Form 1099-NEC if you paid over $600 annually to an independent contractor. An independent contractor is someone you hire on an as-needed basis to complete projects for ...
The ubiquity of the form has also led to use of the phrase "1099 workers" or "the 1099 economy" to refer to the independent contractors themselves. [3] In 2011 the requirement was extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.
In the United States, any company or organization engaged in a trade or business that pays more than $600 to an independent contractor in one year is required to report this to the Internal Revenue Service (IRS) as well as to the contractor, using Form 1099-NEC. This form includes the money paid, contractor's name, social security number ...
The ubiquity of the form has also led to use of the phrase "1099 workers" or "the 1099 economy" to refer to the independent contractors themselves. [39] In 2011 the requirement has been extended by the Small Business Jobs Act of 2010 to payments made by persons who receive income from rental property.
The total amount of all income reported on Form 1099-NEC, which has replaced Form 1099-MISC for independent contractors, is included on Line 1 of the Income part of the Schedule C. As a business ...
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