Form 1099-NEC Due Date for 2024
Tax Year

Form 1099-NEC is a new IRS form that allows employers to report compensation of over $600 made to independent contractors or other nonemployees. Previously, nonemployee compensation was reported on Box 7 of Form 1099-MISC, but the IRS has recently released Form 1099-NEC as a replacement.

Employers should file Form 1099-NEC if they paid a nonemployee or independent contractor more than $600 for their services during the tax year.

Payers who have made payments to nonemployees for their services must file Form 1099-NEC. Also, they have to send copies of the form to the recipients before the deadline. Below is the deadline for Form 1099-NEC:

The best way to avoid IRS penalties on Form 1099-NEC is to file accurately
and on time.

The penalty for missing the 1099-NEC deadline is $60/return. If you file more than 30 days late, the penalty increases to $130/return. After August 1st, the penalty goes up to $330/return.

Form 1099-NEC can be filed either electronically or by paper.

• Paper filing: You can fill out the form manually and mail it to the IRS mailing address before the due date. However, you may not be able to get the status of your return whether it’s accepted or not. Also, since you are filing it manually, there might be chances of errors in the returns.
• Electronic filing: You can choose to file Form 1099-NEC electronically by using IRS-authorized e-file service providers. The IRS recommends filers to file forms electronically for a quick processing and accuracy in filing.