Form 1099-MISC Changes for the
2024 Tax Year
Get to know the changes in Form 1099-MISC
for 2024.
Changes in Form 1099-MISC for the 2024 Tax Year
Updated on November 08, 2024 - 1:30 AM by Admin, ExpressEfile Team
The IRS has revised Form 1099-MISC for the 2024 tax year as a new separate form, Form 1099-NEC, has been introduced to report nonemployee compensation paid to nonemployees, i.e., independent contractors.
Read on to learn more about Form 1099-MISC changes made by the IRS for the 2024 tax year.
This article covers the following topics:
1. What is Form 1099-MISC?
IRS Form 1099-MISC, Miscellaneous income, is used by taxpayers to report miscellaneous payments made to nonemployees in a calendar year. Form 1099-MISC must be filed only if you have paid more than $600 in a year to someone who is not your regular employee.
The miscellaneous payments include rent, fishing boat proceeds, medical and health care payments, prizes, and awards.
With ExpressEfile, you can e-file Form 1099-MISC for the 2024 tax year easily and securely. It’ll take only a few minutes to complete the whole process.
E-File 1099-MISC Now2. Deadline to file Form 1099-MISC
The copies of the 1099-MISC Form should be sent to the recipients before January 31st. However, the form must be filed on or before February 28 (if paper filing) and March 31 (if filing electronically).
Please note that if any of the due dates above fall on a weekend or federal holiday, the due date will be moved to the next working business day.
3. Changes in Form 1099-MISC for 2024
As mentioned, there are some changes in Form 1099-MISC for the 2024 tax year due to the reporting of nonemployee compensation in Form 1099-NEC.
Here are the changes in Form 1099-MISC for 2024:
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Box 7:
Box 7 is now changed as a checkbox for Payer made direct sales of $5,000 or more of consumer products to a buyer (recipient) for resale.
(Earlier, it was used to report “Nonemployee compensation”)
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Box 9:
Filers should report crop insurance proceeds in Box 9.
(Earlier, it was used to report “Payer made direct sales of $5,000 or more of consumer products to a buyer (recipient) for resale”)
-
Box 10:
Gross proceeds paid to an attorney should be reported in Box 10.
(Earlier, it was used to report “Crop insurance proceeds")
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Box 14:
Nonqualified deferred compensation has to be reported in Box 14.
(Earlier, it was used to report “Gross proceeds paid to an attorney”)
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Renumbered Boxes:
- Section 409A deferrals: Box 15a to Box 12
- State tax withheld, State/Payer's State no., and state income: Boxes 16, 17, and 18 to Boxes 15, 16, and 17, respectively
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Removed Boxes:
- Box 7 - Non Employee Compensation (to be reported in Form 1099-NEC)
- Box 15b - Section 409A income
4. File Form 1099-MISC for the 2024 tax year
ExpressEfile supports the most up-to-date 1099-MISC with the changes mentioned above. Choose to e-file Form 1099-MISC and avail the best benefits like error-free filing at the
lowest price, $0.80/form.
