The IRS has released form 1099-NEC (Non-Employee Compensation) to replace form 1099-MISC for reporting non-employee compensation (Box 7). This change shifts the role of the 1099-MISC for reporting all other types of compensation and you should now use the 1099-MISC for non-box 7 reporting.
The type of payments typically required to be reported on this form include royalties, rent, prizes and awards. You must also file Form 1099-MISC for anyone from whom you withheld federal income tax under the backup withholding rules, regardless of the amount. In some cases, you will need to file both a 1099-NEC and a 1099-MISC for the same individual.
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2022 Information Returns Due Dates |
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Form |
Recipient |
IRS Due Date (Paper Filing) |
IRS Due Date (Electronic Filing) |
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1099-NEC |
January 31, 2023 |
January 31, 2023 |
January 31, 2023 |
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1099-MISC (No Data in Box 8 or 10) |
January 31, 2023 |
February 28, 2023 |
March 31, 2023 |
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1099-MISC (With Data in Box 8 or 10) |
February 15, 2023 |
February 28, 2023 |
March 31, 2023 |
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