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Reporting threshold changes for 1099s in 2024?
October 3, 2024
Q. Has the 1099-NEC and MISC threshold increased from $600 to $1,000 for tax year 2024?
A.
(Answered by IOFM's third-party tax experts)
There has been no change to the reportable payment thresholds for Forms 1099-MISC and 1099-NEC for tax year 2024 – see Instructions for Forms 1099-MISC and 1099-NEC (Rev. January 2024). A bill including an increase for the threshold for 1099-NEC and for some of the payment types reported on the 1099-MISC was passed by the House of Representatives, but no…
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