1099 MISC Form Updates
Reaction to IRS changes. Non-employee compensation has been moved to its own form as stated above and other values are moving to different boxes on the 1099 MISC form.
The 1099-MISC form has been revised to meet the IRS regulatory changes for the 2020 tax year. In the Vendor Card point to Options, point to 1099 Box, click the drop-down menu.
Box 9: Crop insurance proceeds are reported in.
Box 10: Gross proceeds to an attorney are reported in.
Box 12: Section 409A deferrals are reported.
Box 14: Nonqualified deferred compensation income is reported.
Boxes 15, and 17 report state taxes withheld, and amount of income earned in the state, respectively.
Box 7 was moved to the 1099 NEC form as a checkbox Payer made Direct Sales of $5,000 or more, etc.
Box 16 the state number is not a currency field and it is available at the header level of the 1099 details window. Hence the data entered in the header will be shown in the form.
Note
This feature will be rolled back to Microsoft Dynamics GP 2016 in the 2020 Year-end update.
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