Commonly, professional contractors are practitioners such as physicians, attorneys, accountants, consultants, etc., who work individually for a corporation or firm where they provide their services to the public. In certain instances, though, workers may also be employees. To clarify, if the beneficiary can only monitor or direct the results of the job and not how the job is performed, a person is called an independent contractor. The independent contractors are required to create Form 1099s for the vendors. You can Create Form 1099s in QuickBooks. This blog will provide you the information that you need to know about Form 1099s in the QuickBooks desktop application.
Important Things to Do Before Create Form 1099s in QuickBooks
You have to set up the below things that are important before creating form 1099s in QuickBooks:
Setting up an Operational Supplier
- Open Desktop QuickBooks, move to the Edit tab, and then pick Preferences.
- For tax, pick 1099s.
- Click on the ‘Company Preferences’ tab.
- Click on the ‘Yes’ option when your screen displays this message ‘Do you file forms with 1099s-misc?’
- In order to save the settings, click on the ‘Ok’ button.
Also Read: Print 1099s in QuickBooks Online
Add a Supplier or Vendor in the QuickBooks account
- Open the ‘Vendors’ option and choose the ‘Vendors Center’ option.
- Tap the drop-down button and pick ‘New Vendor’.
- Enter your choice of supplier name to be identified in the ‘Vendor Name’ field.
- This can be included in the list of vendors.
- Enter in the tabs with info.
- It is possible to change the vendor to provide more information.
- Click on the ‘Ok’ button.
Points To Remember
There are several points that you have to remember while creating form 1099s in QuickBooks:
- In the address field, add the required state acronym and zip code.
- The vendor’s name should show in the first, middle, and family name columns in the case of an individual vendor.
- If you know the business name but not the vendor’s name, consider leaving the company name box blank.
- Select the Setup button for taxes.
- Choose the Vendor qualifying for 1099s.
- Fill in the income tax Identification (ID) number of the vendor in the Vendor Tax ID column and select the ‘Ok‘ button.
- Try to follow the previous steps for every 1099s-eligible vendor.
- Print individual copies with a page-oriented printer, rather than all at one time.
- Prior to putting them in your printer, you need not receive your pre-printed documents. You should load all types of Copy 1 only.
- After all the Copy 1 forms get printed for every vendor, the Copy 2 forms are then loaded and printed.
- Copy A (non-perforated) is generated for the IRS, and for the vendors/suppliers, copy B (perforated) is created. Only 2 vendors per page can print a page.
- The configuration will prompt you to pick -1 in order to get the print off or +1 to bring it up.
- The 1/100th of an edge print can be lowered or increased by this range.
Also Read: Print W2 in QuickBooks Online
Steps to Create Form 1099s in QuickBooks
You have to remember that the QuickBooks 1099s Form can only be created in a single user mode. Follow the steps that are mentioned below to create form 1099s in QuickBooks:
- In QuickBooks desktop wizard, you have to check the details about 1099s.
- From the wizard, you have to select a filing method and then click on the ‘Create 1099s’ option.
- A message will flash on your computer screen. Read it and click on the ‘Ok’ button.
- Choosing the date of form 1099s was last paid.
- Click on the ‘Ok’ button.
- Choose the form 1099s that you want to print.
- If you want to preview the form, click on the ‘Preview’ option that lies in the upper section.
- From the upper section, go to the ‘File’ menu.
- Select ‘Preview’.
- After that, print the form 1099s.
- Click on the ‘Print’ option.
- Don’t click on ‘Yes’ until the form is completely printed.
- Click on the ‘Save’ option.
Creating form 1099s in QuickBooks is a simple process yet it is important for freelancers to print and send form 1099s to the vendors. This will help at the time of tax filing. If you want any additional help and consultation, Chat with QuickBooks Customer Support executives.
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