The Internal Revenue Service (IRS) requires Texas A&M University to report all cumulative payments of $600 or more in a calendar year on a 1099-MISC or 1099-NEC Form.
1099-MISC
Form 1099-MISC is used to report a wide range of payments you can receive, such as rent, royalties, prizes and awards, payments to research and survey participants, settlement payments and medical services.
1099-NEC
Form 1099-NEC is used to report payments made to nonemployees, such as independent contractors, freelancers, gig workers, or other service providers.The Form 1099-NEC serves a similar purpose to an independent contractor as a W-2 does for to an employee. The form reports the total amount of payments you received from a single person or entity during the year that you provide services to. Generally, if you receive payment for contract work you do, then your annual earnings will appear as non-employee compensation.
Both Forms 1099-MISC and 1099-NEC are due to service providers on or before January 31st.
**IMPORTANT**
Your Federal ID Number must be included on the forms. This can be your FEIN, SSN, or ITIN. Please verify we have the correct Federal ID Number for you. If not or if an update is needed, please submit a Form W-9 or Substitute W-9.