QuickBooks Online is useful in easing out the task of dealing with 1099s forms. It can be quite confusing to determine who qualifies for QuickBooks Online 1099 forms and it is time-consuming to collect addresses and tax IDs from subcontractors. A 1099 tax form is intended for independent contractors alone. The Internal Revenue Service (IRS) will reintroduce Form 1099-NEC in 2020, which will replace the nonemployee compensation section of Form 1099-MISC. Other uses for the 1099-MISC include reporting gross proceeds to an attorney, Section 409A deferrals, and nonqualified deferred compensation income. Independent contractors are the ones who are paid over $600 in a year for services and they are self-employed. In case you get stuck with QuickBooks Online 1099 forms and filing them our QuickBooks Support team is a call away at 1.855.738.2784
Remember these points when dealing with intuit QuickBooks online 1099 forms
- 1099 forms printed on plain paper will not be accepted by the IRS.
- The copies of the 1099s forms are to be sent to contractors and the IRS.
- QuickBooks Online 1099 summary report will contain payments that are made through cash, checks, and no
- When you file from QuickBooks Online 1099 e-file service, there is a total of 19 payment areas in the MISC-1099.
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How to do QuickBooks online 1099 account mapping?
- Click on the Expenses option and then click on Prepare 1099s button in the upper right-hand corner.
- Fill in the company information before choosing Next.
- Checkmark Box 7: Nonemployee Compensation.
- From the drop-down list click on all the accounts that were used for the contractor transactions.
- Hit on Next and click on Finish Later.
Steps to QuickBooks online 1099 vendor setup
Follow the steps given for QB Online 1099 Vendor setup. The steps are easy to follow and will help you get started with QuickBooks Online 1099 forms.
- Click on the Workers tab present in the left menu.
- Open Contractors tab and select Prepare 1099s button present in the vendors list section.
- Click the option of Let’s get started or Continue your 1099s.
- Review the company information.
- Once that is done, hit Next.
- Assign your vendor payments to categories defined by the IRS and then click.
- Click on the Edit link under the Action column.
- Select the Contractor type and then fill the vendor details.
- Finally hit on Save.
Troubleshoot QuickBooks online 1099 report not working to show a particular vendor
If QB Online 1099 report is not working to show a particular vendor, here are steps to make that vendor eligible for 1099.
- Click on Expenses and choose Vendors.
- Click on the Vendor you want to convert.
- In the upper right corner, hit on Edit.
- To the lower right, mark Track Payments for 1099 checkbox.
Here we end our article and hope this information on QuickBooks Online 1099 forms and vendor set up was helpful. In case you are baffled and encounter errors during the process, QuickBooks support team is a call away at 1.855.738.2784. They can help you fill in the 1099 forms and eventually send it to IRS which saves you of a lot of burdens.