Comparing 1099-MISC, 1099-DIV, 1099-INT, and 1099-NEC Forms
In order to help you figure out the differences between 1099-MISC, 1099-DIV, 1099-INT, and 1099-NEC forms, let's go through a detailed and comprehensive comparison table.
| Form | Purpose | Who Files | Recipient Criteria |
|---|---|---|---|
| 1099-MISC | Reports miscellaneous income, such as rents, royalties, and other non-employee payments | Businesses and self-employed individuals who make certain types of payments | Individuals or entities that received at least $600 in payments during the tax year |
| 1099-DIV | Reports dividends and other distributions paid on stock and securities | Corporations, mutual funds, and other entities paying dividends and distributions | Individuals or entities that received at least $10 in dividends or distributions |
| 1099-INT | Reports interest income received from financial institutions and other entities | Financial institutions, governments, and other entities that pay interest | Individuals or entities that received at least $10 in interest income |
| 1099-NEC | Reports non-employee compensation paid to independent contractors and service providers | Businesses and self-employed individuals who pay non-employee compensation | Independent contractors or service providers who received at least $600 in payments |
It is crucial to understand the differences among these forms to ensure that you properly file and manage your taxes. Keep in mind that reporting requirements may vary depending on the type of income and the recipient's status.
