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Mandatory Aeros ERP software update for 2020 1099 MISC & 1099 NEC new requirements .


Following are the items to be included in the update:



  1. Vendor 1099 Type - Added new Vendor 1099 type NEC.

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3. Vendor 1099 Box – MISC The following boxes’ descriptions will be updated:


  1. M07 – Payer made direct sales of $5000 or more - this box amounts will be moved to NEC Form Box 1.
  2. M09 – Crop Insurance Proceeds
  3. M10 – Gross Proceeds Paid to an Attorney
  4. M11 – Not in used
  5. M12 – Section 409A deferrals
  6. M14 – Nonqualified deferred compensation
  7. M15 – State tax withheld
  8. M15A – No longer in used
  9. M15B – No longer in used
  10. M16 – State/Payer’s state no.
  11. M17 – State income
  12. M18 – No longer in used

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6. After the update is completed, users will enter all data accordingly to the new 2020 1099’s new format.

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