1099 BOX 7 GONE BYE BYE

What happened to box 7 on Form 1099 MISC? We were confused as well. If a lot of you are like us, you're wondering what happened to you. 1099 BOX 7 contractors' payments have been replaced with box 1 per the IRS website.


What's NEW?

Form 1099-NEC. The PATH Act, P.L. 114-113, Div. Q, sec. 201, accelerated due date for filing Form 1099 includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated automatic 30-day extension for forms that include NEC. Beginning the tax year 2020, use Form 1099-NEC to report nonemployee compensation. See part C in the 2020 General Instructions for Certain Information Returns, and Form 8809, for extension times to file. See part M in 2020 General Instructions for Certain Information Returns for extensions of time to furnish recipient statements. Redesigned Form 1099-MISC. Because of the creation of Form 1099-NEC, the IRS has revised Form 10

99-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) box 7. • Crop insurance proceeds reported in box 9. • Gross proceeds to an attorney reported in box 10. • Section 409A deferrals reported in box 12. • Nonqualified deferred compensation income reported in box 14. • Boxes 15, 16, and 17 reports the state taxes withheld, state identification number, and amount of income earned in the state.



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