Thursday, February 26, 2009

An Enterprise user wants to know how to setup an independent contractor to receive a 1099-Misc at year end.

If you work with individuals or companies to whom you send 1099-MISC forms, you can set up QuickBooks to track all 1099-related payments. At the end of the year, you can have QuickBooks print your 1099-MISC forms.

First open the 1099 tax preferences. Edit>Preferences>Tax:1099. Select the Company Preferences tab and for the “"Do you file 1099-MISC forms?" option, select Yes. Next link the 1099 categories you report to the IRS to the QuickBooks accounts you track them in, and then click OK.

Once the preferences have been set up, you need to set up the vendors eligible for receiving 1099-MISC forms. To do this, select the vendors from the Vendor Center, click on “Edit Vendor” and on the Additional Info tab enter the vendor tax ID number and then check the “vendor eligible for 1099” box.

Each time you make a payment to a 1099 vendor, QuickBooks automatically adds the amount to the total you must report on the vendor's 1099-MISC form. You can view your 1099-related payments by creating 1099 reports. After verifying that the reports include the right vendors and cover the right accounts, you can print 1099-MISC forms for your vendors on preprinted forms designed for your printer.

1 comment:

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