How is 1099-MISC different than a 1099?
There are multiple 1099 forms for reporting different types of income. The 1099-MISC form (MISC stands for “miscellaneous”) is intended to capture all income that is not covered in other 1099 forms.
Examples of income that you would include on a 1099-MISC form include awards, royalties (of at least $10), rent, payments to an attorney, health payments (at least $600 in miscellaneous expenses), and, believe it or not, fishing boat proceeds.
In 2020, the IRS updated the 1099-MISC form to exclude freelancer income. The IRS created a new form, 1099-NEC (non-employee compensation), which is where you’d report income as a freelancer, contractor, or someone who is not a full-time/W-2 employee.