What's the difference between a 1099-NEC and 1099-MISC for self-employed income?

Starting in tax year 2020, the IRS reinstated Form 1099-NEC to report nonemployee compensation that used to be reported on box 7 of the 1099-MISC form.

Let’s take a look at the differences.

Now that you're familiar with the differences between these two forms, see our instructions for entering your 1099-NEC or 1099-MISC in TurboTax.