Drafts of two federal information returns for reporting non-wage income with boxes for reporting income that may be eligible for the tax deductions provided by the One Big Beautiful Bill Act (Pub. L. 119-21) were released March 27 by the Internal Revenue Service.
On the draft Form 1099-NEC, Nonemployee Income, the previous Box 1 for nonemployee compensation becomes Box 1a, while Box 1b reports cash tips, Box 1c reports Treasury Tipped Occupation Codes, and Box 1d reports overtime compensation.
On the draft Form 1099-MISC, Miscellaneous Income, Box 13a reports cash tips, Box 13b reports Treasury Tipped Occupation Codes, ...
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