1099 Form Preparation & Filling in QuickBooks
You are supposed to file an IRS form 1099 for everyone that expresses the amount that you paid for services rendered In the middle of the tax year, if you are using independent contractors or self-employed entities for your business. The amount paid to a self-employed entity or an independent contractor and be tracked easily within the QuickBooks software and automatically generate a printable form 1099 with its important financial data.
QB online shortcut is capable of e-file the 1099-MISC forms directly from QB Online by using the E-file service. If you have only 1 or 2 forms to file then the charges can be a bit costly but it can be a time saving process too.
What options do you have? E-file by using a different web-based e-filing system where you have to import or sort out your data, or print or mail physical forms. But both of the options can be very lengthy and time taken.
Before You Prepare 1099s In QuickBooks
- You need to pay attention to the technique you are using before you prepare your 1099s. A convenient report can be run in QuickBooks Online to a synopsis of total paid merchants in 2017.
- Go through the rundown to see which merchant was paid $600 or more.
- For merchants who require 1099 must ensure the below mentioned things.
- Their seller record in QuickBooks has the correct address and tax ID
- The dialogue box is checked to demonstrate they are liable to 1099 reporting.
- In QuickBooks Online, you need to follow the given step: click on the Reports option > All Reports > Review Expenses and Purchases > click on Expenses by Vendor Summary.
- Drop down container for Report period and then choose the Last Year.
- Click on the radio option for Cash
- Click on Run Report
- Ensure that you verify the fixed asset accounts for vendor payments 1099 if you have promoted or capitalized the payments to the contractual workers for things such as leasehold upgrades or a building expansion.
1099-MISC Process In QuickBooks
- Login into the QB Online
- Click on the Expenses that you see on the left menu side.
- Click on Vendors
- On the upper right side, you will see the Prepare 1099s option. Click on it
- The green catch will continue your 1099s at the following screen tab
- Now you need to tell QuickBooks which accounts has the contractual workers payments and in which a kind of 1099-MISC dialogue box in order to reveal them.
- Box 7 of 1099 MISC Form is mostly accounted with most of the temporary worker or contractor payment.
- Click to mark box beside Box 7: Nonemployee compensation and drag down to see a rundown of accounts.
- Now, Mark any account that has payments of contractor for legal services, outsourced services or physician services.
- Relevance account in order to verify incorporate account which is also known as Professional Fee, Outside Service repairs and maintenance.
If you if you have paid a lease to a non consolidated landowner also ensure to relate your rent account with the 1099-MISC Dialogue Box 1. If you have some issue during the process call now at QuickBooks Payroll Support Help Number.
- Once you have connected your accounts to 1099 boxes, you will see a screen with contractual workers with their address, tax ID and Email address.
- You do not need to worry about altering sellers as you don’t know who will come in the 1099-MISC report yet.
- Proceed to the contractual workers report which you paid $600 or above, sufficiently more to require sending 1099-MISC Form.
- You can print a duplicate of this report by clicking on Print Information Sheet.
- Note down the channel or filter symbol at the upper left side of the contractual worker names.
- Now, click on Filter symbol, you will get options to filter via tax year.
- Now you can filter via 1099 contractual workers those who full fill the minimum requirement of $600.
- You can also scan errors to make sure that those who are supposed to get 1099 is incorporated on this list.
Help For 1099 Form Issues & Problem QuickBooks
In case you have some query or you want to know more about 1099 Form or you are facing any issues in your QuickBooks software, you can get in touch with us at QuickBooks Technical Support Phone Number +1800-324-6955.