In previous years, non-employee compensation was reported using Box 7 of the 1099-MISC form; business owners will now use the 1099-NEC form Box 1. Payments excluding non-employee compensation should be reported on other 1099 forms such as 1099-MISC, 1099-INT, etc.
Use 1099-NEC form, Box 1 for payments of at least $600 for:
Form 1099-MISC has been redesigned for reporting certain income due to the new 1099-NEC form
1099-NECs filed both paper and electronically are due to the IRS by February 1, 2021.
1099-MISCs filed by paper are due by March 1, 2021.
1099-MISCs filed electronically are due by March 31, 2021.
For complete instructions on how to file the new 1099-MISC and 1099-NEC forms please visit 2021 Instructions for Forms 1099-MISC and 1099-NEC or the IRS website.