1099-NEC form for tax year 2020

What is this new tax form for 1099s?

Do I have to do anything differently?

All versions

IRS changed how to submit Non-Employee Compensation 1099 amounts to a new form.

• You can continue using the same box code for non-employee compensation as you have been
• Once the 2020 1099 season comes along, the box code will map that to the new form rather than box 7 of 1099-MISC like they are now
• The only thing that I see that may be different is that 1099-NEC is also getting it’s own Federal income tax withheld box
  • Do they have to set up a box code for Federal Income Tax Withheld for each form?
    • If that’s the case, they will need a new box code set up for Federal Income Tax Withheld on the 1099-NEC form
    • If not, then there is no need for additional box codes

Mandatory enhancement will be worked on under MUN-368227