-
Templates
Tax FormsFillable tax forms simplify and speed up your tax filing process and aid with recordkeeping.Explore all templatesReal EstateReal estate templates for all cases, from sale to rentals, save you a lot of time and effort.Explore all templatesInsuranceInsurance templates make it easier for agents to manage policies and claims.Explore all templatesLegalLegal templates provide a structured foundation for creating legally binding documents.Explore all templatesMedicalMedical forms help you keep patient documentation organized and secure.Explore all templatesBill of SaleBill of Sale templates streamline the transfer of ownership with clarity and protection.Explore all templatesContractsVarious contract templates ensure efficient and clear legal transactions.Explore all templatesEducationEducational forms and templates enhance the learning experience and student management.Explore all templates
-
Features
FeaturesThe all-in-one document management system has all the features you need to safely and efficiently handle your PDFs. Dive in, learn how to use all the tools, and become a PDF pro.Explore all featuresAI Summarizer Check out the featureAI PDF summarizer makes your document workflow even faster. Ask AI to summarize PDF, assist you with tax forms, complete assignments, and more using just one tool.Sign PDF Check out the featurePDFLiner gives the opportunity to sign documents online, save them, send at once by email or print. Register now, upload your document and e-sign it onlineFill Out PDF Check out the featurePDFLiner provides different tools for filling in PDF forms. All you need is to register, upload the necessary document and start filling it out.Draw on a PDF Check out the featureDraw lines, circles, and other drawings on PDF using tools of PDFLiner online. Streamline your document editing process, speeding up your productivity
- Solutions
- Features
- Blog
- Support
- Pricing
- Log in
- Sign Up
Form 1099-NEC (2020)
Get your Form 1099-NEC (2020) in 3 easy steps
-
01 Fill and edit template
-
02 Sign it online
-
03 Export or print immediately
Overview of 2020 Form 1099 NEC
The Form 1099-NEC was brought back into use by the IRS for the tax year 2020 to separate non-employee compensation from the Form 1099-MISC. The blank 1099 NEC form 2020 printable is dedicated to reporting payments totaling $600 or more to individuals who are not your employees, such as independent contractors, freelancers, or other self-employed individuals. Businesses and payers must issue this form to their payers and file it with the IRS.
How to correct a 1099 NEC form 2020
Even with the utmost care, mistakes happen. If you need to correct information after a 1099-NEC has been filed, the process involves filling out a new form with the correct information and checking the "CORRECTED" box at the top of the form. It's important to also provide the corrected form to the recipient and to the IRS to avoid mismatching information during tax processing.
How to Fill Out 1099 NEC Form 2020 PDF
When it's time to fill out the form, here are IRS form 1099 NEC 2020 instructions you need to follow:
To complete Form 1099-NEC on the PDFliner platform, follow these specific steps:
- Identify the business or individual making the payment and input their legal name and the address of their principal place of business, including the suite number, if applicable, in the corresponding fields.
- Enter their city, state, and ZIP code, followed by their contact number.
- Enter the nine-digit Taxpayer Identification Number (TIN) for the payer, which could be an Employer Identification Number (EIN) or a Social Security Number (SSN), depending on whether the payer is a business or an individual.
- Proceed to the recipient’s section and input the recipient's TIN. This could be the recipient's SSN, Individual Taxpayer Identification Number (ITIN), or EIN, as applicable.
- Provide the full legal name of the individual or entity receiving the payment. If it is a business entity, ensure the name matches the one associated with the TIN provided.
- Input the recipient's address details, including the apartment number if applicable, followed by their city, state, and ZIP code.
- If the recipient is subject to the Foreign Account Tax Compliance Act (FATCA) reporting, check the appropriate box. However, this might not be commonly applicable for domestic taxpayers.
- If you have an internal system to manage multiple accounts or recipients, supply your specific account number to differentiate this form from other forms you might issue.
- Report the total amount of nonemployee compensation paid to the recipient throughout the year in the designated dollar amount box.
- If federal income tax was withheld from the payments made to the recipient, declare the total in the box provided for federal income tax withheld.
- For independent contractors and recipients who reside or work in states with income tax requirements, you may need to report the state tax withheld, which will be entered in the appropriate box.
- Supply the payer’s state number. This refers to the payer's identification number issued by the state, which differs from the federal TIN.
- Enter the total amount of income you reported to the state tax department for the recipient in the designated state income box.
Why is the IRS 1099 NEC form 2020 important?
For both payers and payees, the 1099-NEC form is a critical document. It helps the payer meet tax obligations by accurately reporting the amounts paid to non-employees. For independent contractors, it's essential to report income accurately on their own tax returns. Failing to do so may end up causing tax issues or audits.
Versions:
Fillable online Form 1099-NEC (2020)