*** NOTE TO CUSTOMERS ***
If you haven't heard, there is a new tax form this year. It is the 1099-NEC form which is projected to impact about 80% of the 1099-MISC users. The NEC is used to report nonemployee compensation which previously was reported in box 7 of the 1099-MISC. You may need to reduce your MISC quantities and replace some with the NEC if you have any nonemployee compensation reporting to do. Click here for the new 1099-NEC forms
The 1099-R form is for reporting distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts or pensions.