QUICKBOOKS 1099 WIZARD: THE TOOL GUIDE

1. QUICKBOOKS 1099 WIZARD: THE TOOL GUIDE QuickBooks 1099 Wizard can help you generate 1099 data. The 1099-MISC form reports the non-salary income of individuals. Tax forms are provided to employees, whereas copies of 1099-MISC forms are submitted to hired contractors. Hence, 1099 wizard is a great tool that can solve multiple accounting tasks. What’s important is to know how to use this tool. Correct steps are incredibly crucial, and you should also know the types and pre-requisites before implementing the measures. This blog will give you ample information so that you can file 1099 on your own.

2. Pre-Requisites For 1099 E-File QuickBooks Desktop Provide to your vendors the printed copies of 1099-MISC.  Electronic payments that include debit and credit card payments are not recorded in the 1099-MISC form. Such payments are part of the 1099-K form and are to be filed by electronic payments companies such as PayPal.  Payments such as cash, checks and bills are included in the 1099-MISC form.  Changing the vendor 1099 status in 1099 Wizard will also show in the company file.  There are 19 payment boxes on the 1099-MISC form to map the account payments. A specific threshold is mandated by IRS for the boxes. E-File Service support Boxes 1-10 and 13-14. There are some vital points you should know before filing 1099. These points reduce error risks and chances of a mistake during the actual process. Go through the points that are explained below before you start with the actual process: Now that you know specific pre-requisites, it’s easy for you to try these steps. Knowing these steps in advance will aid you in a successful filing.

3. Prepare And File 1099s With QuickBooks Desktop Click on Vendors in the Wizard.  Choose Print/E-File 1099s and then 1099 Wizard.  Click on Get Started.  Click on Vendor List to choose the vendors for QuickBooks 1099-e file. Click on Continue to choose the vendors who require the 1099-MISC form.  Now some information appears which you must read carefully. This information will appear on the 1099 forms. Double-click on the cell within the table to edit the values. Click on Continue to go ahead.  The amounts will be included for reporting, provided they are mapped to boxes. You can successfully file 1099 with the help of 1099 Wizard, provided you follow the steps correctly. Keeping pre-requisites in mind, you can move forward with the steps. Implement the measures that are given below:

4. 7. To omit payments, choose Apply Payments to the 1099 box.  8. If you get an error, you can click on the hyperlink Show IRS 1099-MISC Filing Thresholds. Click on Rest To IRS Threshold.  9. As stated above, all electronic payments will not be recorded on the 1099-MISC form. Note the payment method in Check-Field. You can also review the report of included and excluded amounts. Just click on View Included Payments and View Excluded Payments. Click on Continue.  10. Check the vendors and amounts summary that will be reported. Click the continue option next. Finally, choose filing to electronically file with the IRS.

5. Conclusion QuickBooks 1099 Wizard is a great tool if you can implement it correctly to file the 1099 form. Make sure to read the pre-requisites before starting with the filing process. It’s also better to read about different types of1099 forms. Please implement all the steps with perfection to get the desired results. Reach out to the QuickBooks Professional Team at (1-855-948-3646) to learn more about this process.