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Why is there a difference on the 1099 box 7 versus payment amount?

 
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Anonymous
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Why is there a difference on the 1099 box 7 versus payment amount?

Hello, carrierose0724. 

 

You could have other payments that are not categorized in Box 7. The 1099 MISC box 7 is intended for none employee compensation. These are payments to an independent contractor, consultant, freelancer, or other independent workers.

 

Other payments such as rents, royalties, and medical care payments fall to different boxes in the 1099 form. To learn more about these categories, please refer to this publication: https://www.irs.gov/pub/irs-pdf/i1099msc.pdf.

 

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