1099 question

[lsstravld]

What is the name of your state? va
what is the difference between box 7 and box 3 for form 1099-misc. ?

I have a 1099 misc. with amount in box 3 but not sure if that is correct.

thanks

 

[GatorLaw]

Instructions and descriptions of the boxes for 1099-misc

http://www.irs.gov/pub/irs-pdf/i1099msc.pdf

 

[Paddy Reagan]

Box 7 is used for Nonemployee Compensation. For example, if you're an independent contractor who does work for a company or individual, your reported income would appear here.

Box 3 is used for Other Income, IE, income that's not covered by the other elements on the form. For example, if you won a contest, had winnings from certain casinos, or received awards, the income would show up here.

Usually, these explanations are provided on the reverse side of the 1099-MISC form.