Form 1099-MISC Changes for the
2023 Tax Year
Get to know the changes in Form 1099-MISC
for 2023.
Changes in Form 1099-MISC for the 2023 Tax Year
Updated on November 06, 2023 - 1:30 AM by Admin, ExpressEfile Team
The IRS has revised Form 1099-MISC for the 2023 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 2023 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 2023 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 April 1 (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 2023
As mentioned, there are some changes in Form 1099-MISC for the 2023 tax year due to the reporting of nonemployee compensation in Form 1099-NEC.
Here are the changes in Form 1099-MISC for 2023:
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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 2023 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.
