Preparing and submitting 1099-MISC paperwork is a bulky job. QuickBooks supplies a perfect function referred to as QuickBooks 1099 Wizard that simplifies the method of submitting 1099-MISC paperwork.
QuickBooks 1099 Wizard saves you time and lets you simply get ready, evaluation and dossier all your 1099-MISC paperwork to the Internal Revenue Service (IRS). QB 1099 Wizard additionally means that you can get ready, evaluation and dossier shape 1096, if you’re submitting by means of mail, to the IRS.
How to make use of QuickBooks 1099 Wizard to organize and dossier 1099-MISC paperwork?
To open the wizard, move to Vendors, click on Print/E-file 1099s, and after that click on 1099 Wizard. Now, click on the Get Started button to continue and practice those steps :
Select distributors requiring 1099-MISC paperwork
QuickBooks 1099 Wizard will display a listing of distributors. From this record, you may have to make a choice the ones distributors that require 1099-MISC paperwork. Once you might be executed with the choices, click on the proceed button.
Verify knowledge of distributors
A desk will seem at the QuickBooks 1099 Wizard display that can permit you to edit and check each and every seller’s knowledge. This knowledge can be used at the 1099-MISC paperwork. To edit values, you’ll be able to double-click the cells within the desk. Click the proceed button to transport to your next step.
Also Read: How to Prepare & E-File Tax Form 1099 for Vendors in QuickBooks
Map seller cost accounts
In this step, you need to inform QuickBooks the place the quantities paid from each and every account will have to seem on Form 1099-MISC. For mapping accounts or omitting bills from 1099-MISC paperwork, you may have to make a choice from the Apply bills to this 1099 field dropdown record, or, if in case appropriate, you may have to make a choice the Report all bills in Box 7 checkbox.
If in case, a red-colored message seems to your QuickBooks 1099 Wizard display that your settings don’t fit the present IRS thresholds, then you need to practice those two steps. Firstly, click on the link Show IRS 1099-MISC submitting thresholds, after which secondly, click on the button named Reset to IRS Thresholds.
Review bills for exclusions
According to the IRS, you might be required to exclude from shape 1099-MISC the digital bills equivalent to bank card, debit card, present card, or PayPal bills.
If you made bills to distributors by means of debit card, present card, or PayPal, click on View Included Payments button, and edit the test quantity box to incorporate an acceptable notation in order that QuickBooks can exclude those bills from shape 1099-MISC. To check bills which have been excluded from shape 1099-MISC, you need to click on the View Excluded Payments button.
Confirm your 1099 entries
In this step, a desk will seem at the QuickBooks 1099 Wizard display that can permit you to evaluation the abstract of distributors for whom you might be developing 1099-MISC paperwork and the quantities being reported for the given calendar 12 months. You can evaluation transaction main points by means of double-clicking any quantity.
Choose a submitting manner
In this ultimate step, you may have to make a choice your most popular submitting manner. You have to make a choice from the 2 to be had possible choices showing at the QuickBooks 1099 Wizard display: print and e-file. By opting for the print possibility, you’ll be able to print 1099-MISC and 1096 on preprinted paperwork and mail to the IRS. If you wish to have to dossier electronically, you’ll be able to use the paid 1099 E-file Service.