Prepare and file 1099s in QuickBooks Online Plus Subscription

Prepare and file 1099s in QuickBooks Online Plus Subscription
QuickBooks Help for filing 2016 1099-MISC forms.
From the article:
We’ve created this guide to help you prepare, distribute, and file 1099-MISC forms for your vendors.

  • See 1099 checklists and deadlines
  • Prepare and file 1099s in QuickBooks

Thank you for your business in 2016. Here’s to a successful new year in 2017! ….


 

FREQUENTLY ASKED QUESTIONS
Question: How to run 1099 Vendor Summary Report in QBO Plus?

Answer: Unfortunately, there is no such built-in report yet available in any QBO plus.
The workaround is to run Vendor Transaction Details Report and filter select vendors (who you think should get 1099s) from the report but that many not determine who should actually get a 1099-MISC based on such transactions.

Refer to these articles and also consult your Accountant.


 







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How to access box 16 on form 1099 in QuickBooks Online QBO

Box 16-18 is state information. QuickBooks does not do state information at all.
The way around this box 16 issue in QuickBooks as I heard is one of two things:
1) Print the 1099 and hand write in the state information.
OR
2) Use the internet based 1099 prep software that will allow for state entries.

Related article from IRS website:

 


 





 


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How to File Taxes When You Have Both 1099 and W-2 Income

How to File Taxes When You Have Both 1099 and W-2 Income
QuickBooks
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What to exclude transactions on 1099-MISC forms when you pay an independent contractor

The basic rule is that you must file a 1099-MISC forms when you pay an independent contractor (sole proprietor type) $600 or more in a year payments you made by cash or check. ( https://www.irs.gov/pub/irs-pdf/i1099msc.pdf )

Beginning with the 2011 tax year, the IRS requires you to exclude from Form 1099-MISC any payments you made by credit card, debit card, gift card, or third-party payment network such as PayPal. If they meet the requirements, these payments are being reported by the card issuers and third-party payment networks on Form 1099-K.

box7 excluded

 
In QuickBooks, here is a reference list of codes to use when you record payment transactions to exclude:

http://support.quickbooks.intuit.com/support/pages/inproducthelp/core/qb2k13/contentpackage/payroll/1099/popup_1099_exclude_text.html

Here is another helpful article to get familiar with 1099 exclude rules.
http://payroll.intuit.com/support/kb/2001238.html

Note: In QBO, 1099 vendor feature is available in PLUS version only.


 

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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

2015 Laser 1099-MISC Income, Federal Copy A, Bulk


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Owner paid a subcontractor with his own money. How to make sure Vendor shows up on 1099 and still able to write the reimburse check to the Company Owner

First, you will need to create a new dummy bank account. You will also need a due to the owner as a liability type account to use it for later reimbursement.

Step#1 Use bank deposit form (create + sign > other > bank deposit) to record contributed amount by the owner to pay a contractor. Account to show as due to the owner liability type account. See screenshot below.

owner deposit
owner deposit

Step#2 Use Expense form (create + sign > vendor > expense) to create contractor expense posted to appropriate expense account. See screenshot below.

contractor expense
contractor expense

Step#3 Use Check form (create + sign > vendor > check) to write the reimburse check to the Company Owner. See screenshot below.

check to owner
check to owner

In case there is no need to reimburse the owner (step#1), you will use a capital contributed account which would be an Owner’s Equity type account.

Review of 1099 vendors and payments list. See screenshot below.

review 1099 vendors payments
review 1099 vendors payments

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2015 Laser 1099-MISC Income, Federal Copy A, Bulk

2015 Laser 1099-MISC Income, Federal Copy A, Bulk


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How I can generate a 1099 summary report for non-employee compensation in QuickBooks Online Plus?

There is no built-in 1099 related summary report for non-employee compensation at this time

Here is how you can get that information.

Go to prepare 1099-MISC forms screen (blue navigation bar > vendors > prepare 1099s button (right corner) > “Follow the steps to prepare 1099-MISC forms” screen > Choose “Print using purchased forms” link (at the bottom) > side arrow will move down and expand with more information > select “Print Information Sheet” blue button (at the bottom).

It will show printable “1099 Information Tax Year 2014” report.

print using purchased forms
print information sheet
1099 information report


Updated 12/10/2015:

It used to be able to preview the 1099 Summary Report without having gone through all the prepare 1099 steps. There is no way to preview accounts and vendors meeting the threshold without going through the prepare 1099s steps now. It is not clear why the “1099 Transaction Detail by Vendor” is not even a built-in report at this time.

To run this report (go through all the steps), click on the Box 7 payment amount by any vendor to get a vendor report to support that value. See attached screenshots below.

prepare 1099s
1099 transaction

If you want to run this report for another vendor, you will need to do it all over again. Would not it be nice if they have the simple build-in “1099 Transaction Detail by Vendor” for ALL the vendors in one customize format?

Send them your feedback before it’s too late for this year.
Gear (upper right corner) > your company > FEEDBACK.

 

Related article:
What to exclude transactions on 1099-MISC forms when you pay an independent contractor?

How can I assign more than one account from Chart of Accounts for my 1099’s?

First, you need QuickBooks Online PLUS plan, to have prepare and print 1099s feature.

To assign more than one account from your company Chart of Account:
From the home page screen > go to blue navigation bar on the left > click Vendors tab > Prepare 1099s button (upper right side) > Assign Accounts > Select the box number > Under Account, click Select Multiple… from the drop down menu > Select from list > Add to Include in 1099 Box> OK > OK.

Helpful tip: after you click OK, under Accounts it’ll just say “Select Multiple…” , it won’t list all the accounts that you had selected.

prepare 1099s 1

prepare 1099s 2

prepare 1099s 3

prepare 1099s 4

prepare 1099s 5

Can I pay sub-contractors as vendors, prepare and print 1099s at the year in new QuickBooks Online Plus?

The answer is yes, if you have QuickBooks Online Plus.

This feature is not available in QuickBooks Essentials and QuickBooks Simple Start, so you need to upgrade to Plus level subscription.

How to setup sub-contractor as 1099 Vendor?

Setup 1099 Vendor
Setup 1099 Vendor
Setup 1099 Vendor
Setup 1099 Vendor

From the Home page screen

  • Go the the blue Navigation bar on the left
  • Select Vendors center
  • Select New Vendor button (located at top right hand corner (next to prepare 1099s button at the year end)
  • Fill out Tax ID (Tax ID, EIN or SSN)
  • Checkbox ▣ Track payments for 1099
  • Provide other vendor information and save.

How to prepare and print 1099s at the year end?

Vendors Prepare and Print 1099s
Vendors Prepare and Print 1099s

From the Home page screen

  • Go the the blue Navigation bar on the left
  • Select Vendors center
  • Select Prepare 1099s button (located at top right hand corner (next to New Vendor button at the year end)
  • You will need to follow necessary steps to prepare 1099-MISC forms
  1. Set up vendors who are eligible for 1099s.In January, you file 1099s for payments made to vendors during the previous calendar year.
  2. Select 1099 boxes and assign accounts. (If you already paid vendors, you may need to edit their payments to use the accounts you assign.)