Episode 21: 2026 Form 1099-NEC and 1099-MISC Drafts: New Boxes, New Questions
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Episode 21: 2026 Form 1099-NEC and 1099-MISC Drafts: New Boxes, New Questions
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About this listen
The IRS dropped another round of draft 2026 forms on March 27th — updated versions of the 1099-NEC and 1099-MISC — and we still don't have a final version, which is notably late compared to prior years. Jason walks through what's changed in the latest drafts, including the new boxes for reporting tips and overtime pay, and a cosmetic redesign of the name and address fields that's probably not a big deal but worth keeping an eye on.
The bigger conversation this week is the why behind those new boxes: tips and overtime deductions are now available to workers on their personal returns, which means employers and payers need to break that information out on the forms they issue. For most listeners, that's a W-2 story — but Jason explains the narrow scenario where overtime or tips could legitimately land on a 1099, including the unusual situation where a worker is classified as an employee under the FLSA but treated as a contractor by the IRS.
Information Return Intelligence is sponsored by IOFM.