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IRS Form 1099 NEC E-filing Deadline is February 1, 2021

E-file 2020 Form 1099 NEC Online

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FIRE File Upload

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What Information is Required to E-file Form 1099 NEC Online?

  • 1. Payer Details: Name, TIN, and Address
  • 2. Recipient Details: Name, TIN, and Address
  • 3. Nonemployee compensation
  • 4. Federal income tax withheld
    • a. Federal Details: Miscellaneous Incomes and Federal Tax Withheld
  • 5. State Filing Details: State Income, Payer State Number, and State Tax Withheld

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Frequently Asked Questions

What is IRS Form 1099-NEC?

Form 1099-NEC is used to report payments made to nonemployees or independent contractors for their work. Previously, this was reported in box no 7 of Form 1099-MISC. Now, the IRS has separated box 7 from Form 1099-MISC by reintroducing Form 1099-NEC.

For the tax year 2020, the payer must use Form 1099-NEC to report nonemployee compensation of $600 or more paid to the contractors for their service. The following payments should be reported in Form 1099-NEC.

  • Fees
  • Commissions
  • Prizes
  • Awards
  • Other forms of compensation for service

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Who Is Required To File Form 1099-NEC?

Payers must file Form 1099-NEC under the following conditions

  • You made payments of at least $600 or more to the payee during the year.
  • You made payments to individuals who are not on your payroll.
  • You paid an individual, estate, partnership, or corporation.
  • You made payments for services related to your trade or business.

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When is the deadline to file Form 1099-NEC?

It is mandatory to file your Form 1099-NEC before the deadline to avoid penalties. Usually, the deadline to file Form 1099-NEC is January 31. If any filing deadline falls on a Saturday, Sunday, or legal holiday, you may file your return on the next business day.

For the tax year 2020, the deadline for filing Form 1099-NEC is February 1, 2021. On or before the deadline, you must send Copy A to the IRS and Copy B to the independent contractor, a recipient. Then, keep a Copy C for your business records, and Copy 1 should be sent to the state department if needed.

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What are the Boxes in Form 1099-NEC?

IRS Form 1099-NEC comprises 7 boxes and other columns to enter various information. Let's see the complete explanation below.

  • Box 1: Nonemployee compensation

    Enter nonemployee compensation of $600 or above in this box, including fees, commissions, prizes, awards, and other compensation forms.

  • Box 4: Federal Income Tax withheld

    Fill in the backup withholding. For instance, if the recipient has not furnished their TIN, you have to withhold a certain portion from the amount and report in box 1.

  • Box 5 - 7: State information

    Use these boxes to enter your state information.

    • Box 5 - Enter the state income tax amount withheld from the payment.
    • Box 6 - Enter the abbreviated state name and payer's state identification number.
    • Box 7 - Enter the State income.

Note: If you have not withheld any state income tax, you can leave these boxes empty.

If you want to e-file Form 1099-NEC, TaxBandits is here to help!

Click here to learn more on Form 1099-NEC Instructions.

Are there any exemptions to filing Form 1099 NEC?

There are some cases in which you are exempt from filing Form 1099-NEC. You don't have to file Form 1099-NEC under the following circumstances.

  • You made payments to C or S corporation.
  • You paid for the merchandise, telegrams, telephone, freight, storage, and similar items.
  • You paid tax-exempt organizations.

More FAQ on Form 1099

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