Great to see you back in this thread, Mjorgensen. I truly appreciate your continued engagement and the screenshot you've attached. Allow me to provide clarification and answer the follow-up questions you have regarding the 1099-NEC and 1099-MISC forms in QuickBooks Online (QBO). Your interest in understanding these forms demonstrates a commitment to accurate financial reporting, which is crucial for any business. Let's navigate this aspect effectively.

Regarding your initial inquiry, please know QBO can't issue both a 1099-NEC and a 1099-MISC for one transaction since only one expense category can be mapped to a single box on the form. However, you can divide the 100k settlement into two distinct accounts, each with 50k. You may then post one 50k entry to an account that is associated with 1099-MISC and the other 50k to 1099-NEC's account mapping. Additionally, I advise seeking guidance from the IRS to assist you in addressing this particular concern.

The e-filing for 1099 forms in QBO for the 2024 tax year is projected to commence around January 2025.

A single form corresponds to one contractor only. Therefore, if you have another contractor that requires a 1099 form, you need to prepare a separate one for them. Here's how:

1. Go to Payroll and pick Contractors.
2.  Tap the Prepare 1099s button.
   
   
   
   
3. Choose the contractor.
4. Follow the onscreen instructions.

For further information and detailed steps, check out this article: Create and file 1099s.

If you have other questions about handling 1099s in QBO, please share them in the comment section. Let's work through them together to ensure you have a clear understanding and a smooth filing process. Your success in managing these documents is my priority.