Purpose
The purpose of this Quick Reference Guide (QRG) is to provide all the 1099 codes and descriptions in the North Carolina Financial System (NCFS).
Introduction and Overview
This Quick Reference Guide (QRG) covers the 1099 codes and descriptions.
1099 Codes and Descriptions
1099 - NEC Form Codes in NCFS
Below is the list of 1099 codes available in NCFS
NEC Tax Codes:
- MISC7 - Non-employee compensation. Reported in Form 1099_NEC from 2020
1099 - MISC Form Codes in NCFS
Below is the list of 1099 codes available in NCFS.
MISC Tax Codes:
- MISC1 - Rent
- MISC2 - Royalties
- MISC3 - Other Income
- MISC4 - Federal income tax withheld
- MISC5 - Fishing boat proceeds
- MISC6 - Medical and health care payments
- MISC8 - Substitute payments in lieu of dividends or interest
- MISC9 - Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale. Reported in Box 7 from 2020.
- MISC10 - Crop insurance proceeds. Reported in 1099-MISC Box 9 from 2020
- MISC11 - Fish purchased for resale
- MISC13 - Excess golden parachute payments. Reported in 1099- MISC Box 14 from 2022.
- MISC14 - Gross proceeds paid to an attorney. Reported in Box 10 from 2020.
- MISC15a T - Section 409A taxable deferrals. Reported in Box 12 from 2020.
- MISC15a NT - Section 409A non-taxable deferrals. Reported in Box 12 from 2020.
- MISC15b - Nonqualified deferred compensation. Reported in Box 15 from 2020.
1099 - G Form Codes in NCFS
Below is the list of 1099 codes available in NCFS.
1099-G:
- GOV1 - Unemployment Compensation - Reports income received as unemployment benefits.
- GOV4 - Federal Income Tax - Reports federal income tax refunds received
- GOV6 - Taxable Grants - Reports taxable grants received by individuals or organizations
- GOV6A - Energy Grants - Reports grants received for energy-related purposes
- GOV7 - Agriculture - Reports income related to agricultural activities
Wrap-Up
1099 Codes and Descriptions in NCFS are listed above.
Additional Resources
- Virtual Instructor-Led Training (vILT)