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1099 reporting of board member's contribution to deferred compensation plan
January 30, 2024
Q. We have a board member who has elected to have her full 2024 compensation to go to the company's deferred compensation plan. Normally this is for employees only, but it is offered to our board. She is the first to elect this. Am I responsible to report this on a 1099? Technically, no funds will be issued from Accounts Payable as it is a deposit into another account. All other board members get a 1099-NEC each year, but I am unsure about how to treat this one.
A.
(Answered by IOFM's…
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