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Deductions & credits
Thank you for the quick reply! That helps a lot! As a related question, can you tell me whether I should use the new 1099NEC form or continue using the 1099MISC? I have used the MISC in years past but I put the amount in box 7. Now that it has changed, I'm not sure if I should use box 1 of the NEC form or keep using MISC and put the amount in box 3 instead of 7. These are 100% volunteer firefighters who receive a small incentive payment once a year. Some of these payments exceed $600, but most do not. I only complete the 1099 for those that are $600+.
‎January 12, 2021
12:50 PM