In recent years, the IRS has fine-tuned the rules surrounding Form 1099, and 2024 is no exception. If you’re handling non-employee compensation, you’ll need to stay updated. The IRS continues to use Form 1099-NEC for reporting non-employee compensation, a change first made in 2020. Meanwhile, Form 1099-MISC has also seen its share of updates that you shouldn’t ignore.
What’s New for 2024?
The IRS has made some important tweaks to Form 1099-MISC for the 2024 tax year. One key change is that Box 13 is now dedicated to the Foreign Account Tax Compliance Act (FATCA) filing requirement. As a result, what were originally Boxes 13-17 have been renumbered to Boxes 14-18.
Here’s a quick rundown:
- ✅ Box 13: Use this to indicate FATCA filing requirements.
- ✅ Box 14: Report excess golden parachute payments.
- ✅ Box 15: Include payments under NQDC plans.
- ✅ Box 16: Report state-withheld taxes.
- ✅ Box 17: Include the payer’s state number.
- ✅ Box 18: Report state income.
❓ Why e-File?
The IRS loves e-filing—and for good reason. It’s faster, more accurate, and lets you keep track of everything without dealing with a mountain of paperwork.
Don't let the IRS catch you off guard!
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