A Step-By-Step Guide To Use QuickBooks 1099 Wizard

1. A Step-By-Step Guide To Use QuickBooks 1099 Wizard QuickBooks 1099 Wizard is a tool in QuickBooks that allows you to prepare and file your federal 1099s with QuickBooks Desktop. The 1099s are prepared from the info you already have in your accounts. 1099s are basic tax forms that you need to file with the IRS when you pay contractors in cash, check or direct deposit. You can choose to file your forms online or print and mail them to the IRS. For your contractors, you can email copies or mail them printed copies of 1099. After reading this blog, you’ll know the step-by-step process of how to file the 1099s using the 1099 wizard tool.

2. Steps For 1099 E File Service • Firstly, you need to file 1099 if you paid a vendor or a contractor $600 or more in cash, check, or direct deposit during the previous year. Exclude any electronic payments. Remember, 1099s are due to the IRS and your contractors by February 1, 2021. • You may need to file 1099-NEC and 1099-MISC if you have made multiple types of cash payments to contractors. You can adjust your accounts to track these types of payments individually. • Now, you can update QuickBooks to the latest version. • To create 1099s, you can move to the Vendors and then choose 1099 Forms. Now, Print/E-File 1099 Forms. • Create a backup. • Choose Get Started for the 1099 form you wish to create. You need to undergo or undertake specific steps to use this tool correctly. Not following the steps can also lead to more problems and issues down the line. To get the most out of this tool, it’s best you implement all the measures given below carefully:

3. 7. Now, check if the vendor information is accurate. You can edit any incorrect information by double-clicking on the data that requires updating. Choose Continue. 8. Now, map the vendor payment accounts. Move to the drop-down in the Apply Payments To The 1099 Box section. Now, choose the account you wish to link to. Grey boxes indicate that you are mapped to the other 1099 form. Choose Continue. 9. You can review your payment information for exclusions. Now, choose View Included Payments or View Excluded Payments to see the detailed reports. Choose Continue. 10. Now, review the vendors and the amounts you wish to report. Choose Continue. Choose View Summary Report if you want to see the vendors who don’t meet the IRS threshold. 11. Finally, choose whether to print 1099s or e-file. Now, if you choose 1099, your next step is to import your data into Tax 1099. You can do so by clicking on the select E-File button. 12. You can take certain steps to e-file and check your filing status to finish the process finally.

4. Conclusion QuickBooks 1099 Wizard is an easy-to-use tool to file 1099 online. Make sure to implement all the measures mentioned in this blog correctly. This tool can really ease your accounting needs, if you can implement the steps correctly. If you need any tech assistance or support, you can contact the Team of QuickBooks Professionals at (1-855-948-3646).