Question 1

What is reported on Form 1099-MISC?

Accepted Answer

Rents ($600+), royalties ($10+), other income, medical/health payments, crop insurance, fishing boat proceeds, payments to attorneys, and substitute dividends.

Question 2

How is 1099-MISC different from 1099-NEC?

Accepted Answer

Since 2020, nonemployee compensation (freelancer/contractor pay) is reported on 1099-NEC. 1099-MISC now covers rents, royalties, and other miscellaneous payments.

Question 3

Where do I report 1099-MISC income?

Accepted Answer

Rental income goes on Schedule E, royalties on Schedule E, other income on Schedule 1, and business-related payments on Schedule C if applicable.

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