I was informed that third party network transactions do not require a 1099-NEC to be filed.
I pay our vendors, including individuals, through QuickBooks Payments, which is a third party network.
I paid someone for a "service", not merchandise, using QuickBooks Payments.
Is it correct that I will not need to file a 1099-Nec for this individual since it will get reported on a 1099-K?
Thank you.
Yes, you are correct.
These instructions for form 1099-NEC are on page 9 of this IRS document:
Form 1099-K. Payments made with a credit card or payment card and certain other types of payments, including third-party network transactions, must be reported on Form 1099-K by the payment settlement entity under section 6050W and are not subject to reporting on Form 1099-NEC. See the separate Instructions for Form 1099-K.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
