Significance of QuickBooks Online 1099 Forms in Your Accounting

by Alena Yadis Quickbooks Error Support

There are various QuickBooks Online 1099 forms that you may need to fill as a part of your day-to-day accounting operations.  Form 1099 in QuickBooks Online is a vendor’s tax forms that are used to report various types of incomes attained other than the fixed salary. When you have paid a vendor or individual contractor $600 or more in a tax year, you will need to prepare and e-file QuickBooks Online 1099 by January 31st and send a copy of the form to the Internet Revenue Service as a summary sheet. In this article, we will discuss the various aspects of e-filing the QuickBooks Online 1099.

Steps You Need to Follow for QuickBooks Online 1099 Setup

When running your business accounting on QuickBooks, you need to issue 1099 to all individual contractors and LLSs that come in the category of $600 threshold. When preparing your 1099, you need to ensure that it should be filed before its deadline that may vary from January 31 to February 28th. Follow the below-given steps carefully to prepare QuickBooks Online 1099:

· In QuickBooks Online, go to Workers or Payroll menu and then select Contractors or Expenses > Vendors.

· After that, select Prepare 1099s and then further select Let’s get started.

· Next, check if the company name, address, and tax ID matches you have provided are correct as per the tax notice or letters from the IRS.

· Once you are done, select the boxes 1 to 14 to proceed further.

· The box number 7 is for Nonemployee Compensation, for which you need to fill the Form 1099-MISC by following the instructions provided on the IRS website.

· Select the boxes that show the expense accounts where you track payments and click Next to go to the next step.

· Now confirm that your contractors have provided correct personal info and email addresses.

· Once you have checked the contractor’s information, make sure that the payment totals are accurate.

· Now select Finish preparing 1099s.

· Finally, select Go to 1099 E-File Service to e-file to finish the QuickBooks Online 1099 setup procedure.

Different Types of QuickBooks Online 1099 Forms

There are different types of the Intuit QuickBooks Online 1099 forms that you may need to e-file in the application. You can get the help of Intuit’s E-file Service to get your 1099 filed automatically. Furthermore, you can get everything downloaded for your records. The timely 1099 filing can prevent you from the late penalties. Below is the list of some common QuickBooks Online 1099 forms that you may need to fill for your vendors:

· Form 1099-INT

· 1099-DIV

· 1099-MISC

· 1099-K

· 1099-B

· 1099-G

· 1099-R

How To E-file Your 1099s In QuickBooks?

Intuit E-file service can help you to get your QuickBooks Online 1099 forms e-files automatically when you import your info from QuickBooks. Furthermore, your form will be sent to the contractors via mail when you perform e-file with Intuit. When you have prepared your 1099s and ensured that all the provided information is correct in the form, you can get started with the procedure. To review your company and vendor information, you can go back to QuickBooks Online 1099 vendor setup. You need to select “E-File for me”  option and follow the on-screen instructions to get the task accomplished.

What Does QuickBooks Online 1099 Report Not Working Error Signifies?

When you run your QuickBooks Online 1099 summary report, you may get an error message on your screen that states, “QuickBooks Online report not working”. When the error occurs, you may not be able to see the 1099 report for all the contractors. Besides, it is possible that you can have trouble finding the filter for amounts while running the report. The error in the 1099 report can be caused due to several reasons and to fix it, you need to address the possible causes behind the error.

Get Professional Troubleshooting Assistance!

This article explains some important aspects of QuickBooks Online 1099 preparation and e-filing. If you need professional assistance in QuickBooks Online 1099 account mapping, give us a call on our QuickBooks error helpline number. Our experts will guide you with QuickBooks Online 1099 in simple solutions. 

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About Alena Yadis Freshman   Quickbooks Error Support

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Joined APSense since, January 30th, 2020, From terrell, United States.

Created on Aug 7th 2020 17:12. Viewed 181 times.


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