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What’s new on 1099 NEC Form 2021?
Printable 1099 NEC Form was revised back in the tax year 2021 to clear the confusion created by 1099 MISC box 7. After reviving back, the Internal Revenue Service has introduced box 2 to report the direct sales of $5,000. If the payer made direct sales of consumer products for resale, then use box 2 to report the payments. So, for the tax year 2021 you can use Form 1099 MISC box 7 or 1099 NEC box 2 to report the direct sales.
Who needs to submit a New 1099 NEC Form?
As per the IRS rules, the payer needs to file 1099 NEC fillable if:
- Payments made throughout the tax year exceed $600.
- Compensation paid is to a non-employee or individual or estates or an LLC but not a C or S corporation member.
- The amount paid to an individual is for the purpose of business or trade.
- Payments made to an individual are through cash or check.
- Compensations paid to attorneys are for providing legal information against criminal activity.
Printable 1099 NEC Form filing requirements
Given below are the fields and boxes of 1099 NEC Tax Form:
Includes the payer’s business name, address, Taxpayer Identification Number.
Enter the payee’s name, address, & TIN.
1- Non-employee compensation
2- Direct sales of $5,000 or more of consumer products for resale
4- Federal Tax withheld under backup withholding rules.
5 – 7 State tax withheld. These boxes include state income tax withheld amount, name of the state, payer’s State Identification Number.
IRS Form 1099 NEC Deadlines
According to the IRS norms, the key due dates to file IRS Form 1099 NEC 2021 to the contractors & to the IRS are on the same date.
Form 1099 NEC Copies
Copy A to the IRS through paper forms
January 31st, 2022
Copy A to the IRS electronically
|January 31st, 2022|
Recipient Copy B
January 31st, 2022
Form 1099 NEC Vs Form 1099 MISC
1099 NEC 2021 & Form 1099 MISC has created lots of confusion for the payers in recent days. The differences between both the tax forms are given below:
Form 1099 NEC
Form 1099 MISC
Use 1099 NEC to report non-employee compensation.
|1099 MISC used to report miscellaneous income paid to an independent contractor.|
Deadlines to file both the recipient copy and to the IRS are similar.
|The due dates to furnish recipient copies and to the IRS are different.|
Non-employee compensation includes prizes or awards for performing services.
Miscellaneous income paid in the form of a prize or award is not for performing services.
How to fill out a New NEC Form online in minutes?
Filing 1099 NEC online is simple, & quick with an IRS-certified e-file provider. File IRS 1099 NEC Tax Form online with a single sign-up by providing email address & phone number. Returning users can log in with the credentials securely. Add the business details or select the business info that you’re filing 1099 NEC Form 2021. Next, provide necessary information like payee details, compensation amount, etc. If your state requires you to file Form 1099 NEC online, then fill out 5-7 boxes of the tax form. Finally, review the tax form before transmitting it to the IRS. Because if you file tax forms with fraudulent information, the IRS will reject it.
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