The 3 Must-Knows for Printing 1099s in QuickBooks
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This document discusses the steps for printing 1099 forms in QuickBooks, including determining which vendors require a 1099, linking tax categories to accounts, running reports to map accounts, and printing the final 1099 forms. It also provides resources on the IRS website about independent contractor status and the various boxes reported on 1099-MISC forms.
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The 3 Must-Knows for Printing 1099s in QuickBooks
- 1. The 3 Things you MUST know to print 1099’s in QuickBooks! or . . . how to make life easier at tax time!
- 2. Employee orIndependent Contractor? http://www.irs.gov/pub/irs-pdf/fw9.pdf?portlet=3 IRS website: Behavioral Control Financial Control Type of Relationship
- 3. Box 1: Rents** Box 2: Royalties Box 3: Other Income Box 4: Federal Tax Withheld Box 5: Fishing Boat Proceeds Box 6: Medical Payments Box 7: Nonemployee Compensation* Box 8: Substitute Payments Box 9: Direct Sales Box 10: Crop Insurance Proceeds Box 13: Excess Golden Parachute Box 14: Gross Proceeds to Attorney 1099 Categories 1099-MISC only QB does NOT handle other types like: 100-INT or 1099-DIV
- 4. 1099-MISC and 1096 http://www.irs.gov Setting Up 1099 Reporting Linking Tax Categories to QB Accounts
- 5. Determining your 1099 Vendors
- 6. Determining your 1099 PAYMENTs
- 8. Prepare for 1099 reporting
- 9. #1 Run Report(S)#2 Map Accounts
- 10. #3 Run Report Default settings:
- 11. #3 Run Report Version #1
- 12. #3 Run Report Version #2
- 13. #3 Run Report (FINAL) Version #3
- 14. Print 1099’s
- 15. Live QuickBooks Demo Q? and A!
- 16. Get the advantage of…... “Simple Solutions to Track Your Profits” 760-722-6839 www.AdvantEdgeOnline.com
Editor's Notes
- (This TASK should be done ANNUALLY @ Nov 1?!)From the Vendor MenuSelect Print 1099s/1096When the Wizard Opens click Run Report to get the Vendor 1099 Review report (click)
- Number 3 in the Wizard “Run Report” takes you to the:1099 summary reportThe report summarizes the cash outflows to each vendor for whom your company files a 1099-MISC form. Can drill down to see a list of the transactions that make up the amount, for further reviewThe report initially shows only:1099 vendorsAll allowed accountsUse 1099 thresholdsRun this report 3 times!(CLICK)
- 1099 summary report – 1st VersionChange 1099 Optionsto:To list all vendors, regardless of their 1099 status, choose All Vendors from the drop-down listSelectOnly 1099 Accounts from the center drop down list, in order to see the vendors that were paid from accounts linked to the 1099 categoriesTo show all monies paid, select Ignore Thresholds from the drop-down list on the rightOpen the Vendor Center to edit any vendors to make them Eligible for 1099’s (if needed)Annotate this report with an explanation of why a particular vendor who HASbeen paid from a 1099 account is not receiving a 1099 (typical reason would be “Corp”!)
- 1099 summary report – 2ndVersionChange 1099 Optionsto:Return the report to Only 1099 VendorsSelect All Allowed AccountsLeave it set to Ignore ThresholdsReview the dollar amounts that appear in the Uncategorized ColumnDouble click to zoom to the details as neededAnnotate this report with an explanation of why a 1099 Vendor received payments that are NOT being reported on their 1099 (typical reason would be reimbursement for materials or supplies, etc.)
- 1099 summary report – 3rd (FINAL) VersionChange 1099 Optionsto:Leave it set to Only 1099 VendorsSelect Only 1099 AccountsSelect Use ThresholdsThis is your final version which documents who will be receiving 1099’s from you and for what dollar amounts!You are NOW READY TO PRINT!!
- Click to NEXT Slide!!