This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. “NEC” stands for “non-employee compensation”. It is due to recipients and the IRS by January 31st ...

If you hold foreign-stock funds in your account—or even US-focused funds that dabble in foreign securities—Box 7 of 1099-DIV depicts any foreign taxes paid on those holdings for the year prior.

Form 1099-PATR has been around for many years without too many significant changes. Starting with 2019 we will start to see some changes, specifically the addition of Box 7 - Qualified Payments.

If you qualify for an exception, but your IRA custodian inputs Code 1 in Box 7 of your 1099-R, your tax preparer must file IRS Form 5329 to override the Code 1 and claim the exception.