1099-NEC (Most common)
Non-employee compensation: Used for paying freelancers, contractors and others for services.
1099-MISC (Less common)
Rent: Report business rent paid to a non-corporate entity, such as an individual.
Royalties: Payments $10 or more for the use of intellectual property.
Other Income: Prizes, legal settlements, income from hobbies, bonus payments and more.
Not common
Fishing Boat Proceeds: Share of income paid to crew members from a commercial fishing boat.
Medical and Health Care Payments: Payments of $600 or more to doctors, hospitals, or medical providers.
Substitute Payments in Lieu of Dividends or Interest: Payments made when a broker covers dividends or interest owed to an investor.
Crop Insurance Proceeds: Insurance payouts of $600 or more to farmers for crop losses.
Gross Proceeds Paid to an Attorney: Total payments to an attorney, even if not for legal services.
Fish Purchased for Resale: Payments to anyone who catches and sells fish to resell in business.
Section 409A Deferrals: Deferred income reported under IRS Section 409A rules.
Non-qualified Deferred Compensation: Payments from a non-qualified deferred compensation plan.