Glossary
Form 1099-NEC
The form a business sends for payments to a non-employee contractor.
Form 1099-NEC reports non-employee compensation — money a business paid you for services when you were not its employee. It differs from Form 1099-K, which comes from a payment processor rather than the payer of the work, and reports gross settled payments rather than compensation. Some platforms issue one, some the other, and some both for different categories of payment. Whichever arrives, the income belongs on Schedule C and carries self-employment tax once net earnings reach $400.