Navigating the Gig Economy: Form 1099 Reporting

1
Navigating the Gig Economy Understanding Form
1099 Reporting Requirements
www.form1099online.com
2

• More people are participating in the gig economy
  through platforms like Uber, Lyft, DoorDash etc.
• Income earned on these platforms is reported on
  Form 1099-NEC.

3

• Form 1099-NEC reports non-employee compensation.
• It is used to report income earned by independent
  contractors and freelancers.
• Income over 600 in a calendar year must be
  reported on Form 1099-NEC.

4

• Businesses that pay independent contractors over
  600 in a year must file Form 1099-NEC.
• This includes gig economy platforms like
  ridesharing and delivery apps.
• The form is submitted to the IRS and a copy is
  provided to the contractor.

5

• Total non-employee compensation paid over the
  calendar year.
• May include bonuses, commissions, fees etc.
• Does not include reimbursements for business
  expenses

6

• Form 1099-NEC must be provided to payees by
  January 31, 2024.
• Paper forms must be filed with the IRS by
  February 28, 2024.
• E-filed forms must be submitted by March 31, 2024.