The IRS has made big changes to the 1099-MISC form by reviving the 1099-NEC form. Beginning with the 2020 tax year (to be filed by February 1, 2021) the new 1099-NEC form will be used for reporting nonemployee compensation (NEC) payments. Previously NEC was reported in Box 7 of the 1099-MISC form.

Can I still use 1099-Misc in 2020?

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If you were self-employed in 2020, you may have received Form 1099-NEC, Nonemployee Compensation, instead of Form 1099-MISC you may have received in years past.

What are the new 1099 rules?

The New Form 1099-NEC

Beginning with the tax year 2020, businesses will be required to file Form 1099-NEC to report payments for services of $600 or more to non-employees. For example, amounts paid to independent contractors or attorneys for services provided will be reported on Line 1.