Thanks to its ever-expanding features and tools, QuickBooks can make it easier for you to file certain forms. One such form is the 1099-MISC form that helps you to report the non-salary income. Such income is earned through employment contractors, self-employment or through some other means. As you may know that, the tax forms are to be provided to your employees. On the other hand, copies of 1099-MISC forms are submitted to your hired contractors. All this can be done quickly with the QuickBooks 1099 Wizard that’ll help you file this form. This article will cover the basics of this tool that you must know about.
Contact the team of QuickBooks Professionals at (1-855-948-3646) if you wish to learn more about this tool or for any professional support or assistance.
Types Of Forms For 1099 E-File QuickBooks Desktop
You should know that several forms come under 1099 forms, however, stated below are some of the most standard forms used to process and set up file 1099 form:
- 1099-MISC: This form is responsible for the cash and check payments of the rent, self-employment, and independent contractors.
- 1096: This contains the compiled all file 1099-MISC forms. 1096 forms can be printed on pre-printed forms.
- 1099-K: Electronic payments that are not mentioned in the 1099-MISC form are recorded here. This form is specifically filed by electronic companies such as PayPal, American Express, etc. However, the payments and compensations must meet the standard IRS threshold.
Essential Points Before You Learn How To Print 1099 In QuickBooks
Before you move to the actual steps, you should understand specific key points that’ll make it easier to understand the actual process. Knowing these measures will help you to avoid any mistakes or errors during the actual procedure. Go through the steps stated below:
- Printed copies of 1099-MISC must be provided to your vendors on plain paper.
- The change in the vendor status of Wizard 1099 in QuickBooks is also reflected in the company file.
- Payments like cash, checks and bills are part of the summary report of the 1099-MISC form. All these payments must be within the calendar year.
- On the other hand, electronic, debit and credit card payments are not recorded on the 1099-MISC form. Such payments are part of the 1099-K form and are filed by electronic companies, as stated in the previous section.
- There are 19 payment boxes on the 1099-MISC form to map the account payments. Each box has a specific threshold that the IRS mandates. QuickBooks only supports boxes 1-10 and 13-14. Non-employee compensation has a threshold and will be commonly used.
Now that you are sound of these points, you can move to the next section that’ll cover the steps you must implement to file 1099 forms via QuickBooks 1099 Wizard.
Measures To Prepare And File 1099s In QuickBooks
The steps given below will cover the actual measures you must undertake to file 1099 with QuickBooks. Make sure to execute the actions with perfection. Now, go through the measures explained below:
- First, click on Vendors.
- Now, choose Print/E-File 1099s and then 1099 Wizard.
- Click on Get Started.
- Now, to choose the vendors for QuickBooks 1099 e-file, you can click on Vendor List. After choosing the vendors who need the 1099 form, you can click on Continue.
- Now verify the vendors as that information appears on the 1099 forms. You can edit that value by double-clicking within the cell. Now, click on Continue.
- Choose Apply Payments from the 1099 box. If you see an error message, you can click on the hyperlink Show IRS 1099-MISC Filing Thresholds.
- Now, click on Rest To IRS Threshold.
- You can now review your payments. Also check the payment method in the Check-Field. To review included and excluded amounts, you can click on View Included Payments and View Excluded Payments. Now, click on Continue.
- Before you complete the process, review your vendors and the amounts summary that will be reported. This data will be used for e-filing. Click on the Continue option next.
- Finally, through QuickBooks 1099 e file service, electronically file with the IRS.
QuickBooks 1099 Wizard makes it easy for you to file 1099 with QuickBooks. You just need to be aware of the actual steps that you must execute with precision. Understanding the types of forms and certain pre-requisites of the process can also help. All this is covered in this article, and you have to make sure to read it well. With this in mind, you can now effectively file 1099 with Wizard 1099 in QuickBooks.
Contact the professional team of QuickBooks at (1-855-948-3646) immediately if you require any professional assistance or support.