OVERVIEW
Starting with the 2020 tax year, certain payments previously reported on Form 1099-MISC will now be reported on Form 1099-NEC if you are self-employed, a freelancer, contractor, or work a side gig and made $600 or more.
Video Transcript:
Starting with the 2020 tax year certain payments previously reported on Form 1099-MISC will now be reported on Form 1099-NEC. Businesses will use this form to report payments to nonemployees for work they have done and self-employed individuals should receive this form as a record for how much that business paid them for the year. This enables the IRS to ensure people are properly reporting their income. Form 1099-MISC is still around, but this should be used for reporting miscellaneous payments, like rent, prizes, and awards.
With TurboTax Live Full Service Self-Employed, work with a tax expert who understands independent contractors and freelancers. Your tax expert will do your taxes for you and search 500 deductions and credits so you don’t miss a thing. Backed by our Full Service Guarantee.
You can also file your self-employed taxes on your own with TurboTax Self-Employed. We’ll find every industry-specific deduction you qualify for and get you every dollar you deserve.
