Top 5 Questions- Year End 1099s

 

We’re back with more Top 5 Questions and this time around we will be covering your top 1099 questions straight from our community. You can expect to see anything from using the 1099 wizard, 1099 reports, 1099 NEC mapping, and more!

 

Get answers to some of your questions on this topic below!

 

1. When will the 2024 data become available in the 1099 Wizard to start preparing for any missing infor...

Thanks for asking!

 

I can share some information about the 1099 wizard in QuickBooks Online.

 

If you're using QuickBooks Online to prepare your 1099 forms, you can start the process as soon as the tax year ends on December 31. It's essential to begin the process early to ensure you have enough time to gather all the necessary data and correct any errors before the January 31 deadline for filing with the IRS and sending copies to your contractors. 

 

Then, you can start e-filing your 1099 before January 29. This is to ensure your 1099s can be postmarked to your contractors by January 31. You can e-file 1099s through January 31 to be on time with the IRS. The E-file is open until April 30.  

 

To start, you'll need to review your vendor list and make sure that all your vendors are marked as "eligible for 1099." Next, you'll need to ensure that all your vendor payments are correctly categorized as 1099-eligible or not. You can do this using the "Track payments for 1099" feature in QuickBooks Online, automatically tracking all payments made to eligible vendors throughout the year.

 

Once you've reviewed your vendor list and payment records, you can generate your 1099 forms in QuickBooks Online. QuickBooks Online will automatically populate the forms with the necessary information, including your business information, the vendor's information, and the amount paid to the vendor during the year. After generating the forms, you'll need to review them to ensure all the information is accurate and complete.

 

Finally, you can file the forms with the IRS and send copies to your vendor by the January 31 deadline. Starting early and following these steps will ensure a smooth and stress-free 1099 filing process.

 

Additionally, these articles will direct you on how to create your vendor' 1099s, the procedures to file them, modify your contractor 1099, and solutions to frequently asked questions regarding the form:

 

• Create and file 1099s with QuickBooks Online
• Get answers to your 1099 questions 
• Add, edit, and inactivate contractors

 

2. My e file status in QBO is "sent" and I have not received an e file receipt.  According to the compa... 

I'm happy to provide additional information about your 1099 filing status in QuickBooks Online.

 

The status of your e-filed 1099 can be viewed under Filing status. It can either be one of the following:

 

• Not Submitted: You haven't e-filed the forms with the IRS. Thus, you can keep revising it as needed.
• Submitted: You have e-filed the form to the IRS. This can also be shown as Sent on your screen. If you need to revise it, you'll need to file a manual amendment.
• Received by IRS: The IRS has received your form. They could be currently processing it or have already approved it. You'll receive an email confirmation approximately a week after the IRS accepts and confirms submissions.

 

As of the moment, you just need to wait for the IRS to receive your form since you've already e-filed and submitted your 1099 to the IRS. 

 

For more information on preparing and filing your 1099s with QuickBooks, please feel free to browse through the articles below:

• Create and file 1099s with QuickBooks Online
• Correct or change 1099s in QuickBooks
   

You might want to view your past tax payments and forms in QuickBooks. Here's an article to guide you on how: View your previously filed tax forms and payments.

 

If you have any other questions about 1099, please never hesitate to utilize the Reply button. I'll be around to make sure you're all set. Take care.

View solution in original post

 

3. I went to run a 1099 report and no vendors were showing. I went to check the mapping and still saw n...

I’ll help you prepare your 1099 report on QuickBooks Desktop!

 

To get started, let's ensure that your vendors are eligible for 1099 so their names will be added to the list/report. Here's how:

1. Go to the Vendors tab, then click VendorCenter.

   

2. Tap on the vendor's name.
3. Go to the Tax Settings section, then mark the box beside the Vendor eligible for the 1099 section.

 

 

1. Hit OK.
2. Repeat the steps for other vendors that are eligible for 1099.

 

When mapping the accounts, you can either choose to Show all accounts (all accounts from the chart of accounts) or Show 1099 accounts (only those accounts that were used on the transaction for 1099 vendors).

 

 

You can also resort to your chart of accounts to fix the odd behavior and make your lists go back to their default order. You can open this link for your guide: Re-sort lists in QuickBooks Desktop.

 

Moreover, here's an article you can read more about preparing 1099s in QuickBooks Desktop.

 

You can also skim through the topics from our help articles for more resources while working with QuickBooks in the future.

 

4. 1099-NEC; Why are there no vendors on my 1099 summary report in QuickBooks Desktop?

Let’s take a look!

 

It’s likely that the vendors aren’t showing up on the report because they haven’t been mapped as 1099 NEC or 1099 Misc yet. To get the mapped, we will want to go through the 1099 Wizard to print your 1099’s. You can cancel out prior to actually e-filing or printing once you have mapped them and they will populate on the 1099 Summary Report. 

 

Here’s how:

1. Go to Vendors
2. Then select 1099 Forms
3. Then Print/E-file 1099 Forms
4. Create a backup.
5. Select Get started

 

Here is a link for detailed instructions for reference: Create and file 1099's. Once you map the accounts you can cancel out of the wizard and you will be good to go.

 

5. I made payments to a vendor using two separate accounts, both Type "Expense" and Detail Type "Other ...

Let me help you out!

 

I can see that you did everything you could. To further help you with this, let's verify that all of the accounts used for 1099 are assigned to the box on the form. You'll see this on the Prepare 1099s page. To include amounts on 1099, the account must be assigned to a 1099 box. Check this screenshot for a visual guide:

 

 

If you noticed that a vendor was not included in Step 4 of Prepare 1099s, simply select the funnel icon located at the upper left part of the page. Then, in the 1099 contractors that meet the threshold section change Type of contractors to 1099 contractors below the threshold and click Apply. This will display the vendors with insufficient payment amounts to require 1099.

 

You can also select the amounts to generate a report showing each transaction. From there, check the Account column to see which account is used for each transaction.

 

For more details about the process, please proceed to the Accounts are not mapped to 1099 boxes section of this article: Common Causes for Incorrect Amounts on 1099s.

 

However, if verified that all accounts are assigned to the 1099 box and you still can't see the payments, I highly recommend reaching out to our Payroll support team. They use specific tools to pull up your account and investigate the root cause of the issue. You can also request a screen-share session so they can review your set up. 

 

I've also added this helpful resource that you can access to have a guide in case you need to make corrections to 1099-NEC or 1099-MISC forms after you e-filed them: Correct or change 1099s in QuickBooks.

 

That's a wrap for today! I hope you picked up some useful tips from these questions and feel more at ease when it comes to handling your 1099s. If you still have any doubts, feel free to ask the community. We're always here to help out and clear things up for you.