QuickBooks is a top-notch Accounting software which comes with state of the art features and tools. It also comes with the functionality of calculating and filing 1099/1096 forms. In this article, we will be talking about how you can set up a 1099 vendor and print 1099/1096 forms in QB Desktop software.
Note: Read the guidelines created by the IRS before setting up a vendor.
You can also choose to get in touch with the QuickBooks Support Department for information on 1099 and 1096. Pick up your phone and make a call on the QuickBooks Enterprise Support Phone Number +1-800-778-7614.
What Are The Steps Involved In The Process Of Setting Up 1099 Or 1096?
Step 1: Turn On The 1099-MISC feature
Note: The Print 1099s/1096 option shows up only when you activate the 1099 miscellaneous feature.
- First of all, Choose Edit, click on the Preferences on the Toolbar.
- Now, go to the left side of the screen and click on Tax: 1099.
- Choose the Company Preferences option.
- Click on Yes which will be close to “Do you file 1099-MISC forms?”
- Choose OK for saving the choice.
Step 2: Add a vendor
You will be able to add a Vendor after the 1099-MSIC feature is active:
- Choose Vendors and click on the Vendor Center on the Toolbar.
- Choose the New Vendor from the drop-down menu and click on New Vendor.
- Go to the Vendor Name field, type in the name of the vendor as you want it to show in your Vendor list. For example, if there is a vendor who has a local business and you list local businesses by their last name first, that’s how you need to type in the name.
- On each window, fill in all the required fields with the appropriate information.
- You will be able to edit all this information for your Vendors at a later stage also.
- Choose Ok.
Step 3: Set up vendors to receive Form 1099-MISC.
- Choose Vendors and click on the Vendor Center from the Toolbar.
- Now, right-click on the vendor’s name.
- Choose Edit Vendor.
- Click on the Address Info window and authenticate the information.
- Verify that the Address field includes the suitable two-letter state abbreviation and also the precise ZIP code.
- If your vendor is an individual, the vendor’s legal name must show up in the First Name & Last Name fields.
- In the case, you do not remember the individual’s name but you remember their company name, leave the Company Name field empty. This will restrict redundant information from showing up in the 1099-MISC form.
- Click on the Tax Settings option.
- Select the Vendor worthy for 1099.
- Provide the vendor’s tax identification number in the respective Vendor Tax ID field. Click on OK.
- Now, you can repeat steps for each 1099-eligible vendor in your business.
Step 4: Set up an expense account for vendor payments
You can set up an expense account in QuickBooks Desktop:
- Choose Edit and click on the Preferences tab.
- Look on the left side of your screen and click on the Tax: 1099.
- Choose the Company Preferences option.
- Now, click on the “Do you file 1099-MISC forms” option? Choose Yes.
- Go to “If you want to map your account to boxes on Form 1099-MISC, click here”.
- Click on the “click here” link.
- The QB 1099 Wizard will open.
- QB Desktop accounts for tracking payments to your 1099 vendors will be available.
- Go to the Apply payments in the 1099 box column, open the drop-down menu.
- Now, select the appropriate 1099-MISC box.
- Usually, people pay their Vendors the Box 7: Non-employment Compensation, albeit, you should consult a tax professional first before choosing which option to utilize.
- Select a 1099-MISC box for all the listed accounts.
- You can also choose to neglect these payments from 1099.
- Click on Save.
- Exit once you have mapped the accounts.
Step 5: Print forms 1099 and 1096
You should be using the Single User mode for printing the 1099/1096 forms. We highly recommend that you pre-print the 1099 and 1096 forms for this process. You will also be able to e-file your 1099 forms to the IRS.
- Now, you need to validate all the 1099 data. You can do this by making use of the QuickBooks Desktop 1099 Wizard.
- Go to the QB Desktop 1099 Wizard.
- Select a filing method and click on Print 1099s.
- Now, click on all positive options that appear on your screen.
- Choose the date range in which you paid the 1099s.
- Click on OK.
- Choose the 1099(s) or 1096(s) you are looking to print.
- Also, click on the Print 1099 or Print 1096 option consequently.
- You get the option to preview the forms beforehand if you wish. Remember to choose the Preview 1099 option beforehand printing:
- Select File on the menu bar.
- Choose Printer Setup.
- From Form Name, choose 1099s/1096 from the list.
- Select the Align button and adjust alignment as needed.
- Select OK, and then OK again to save your changes.
- Once you have reviewed the details, you can choose to Print 1099 option and 1096 option to print 1096.
You can choose to use the e-file forms. You can also use 1099 E-File Service provided by supportforerror for filing the 1099 and 1096 forms electronically from QB Desktop.
Frequently Asked Questions
Q1. How will Vendor and Company names show up in the 1099-MISC forms?
A1. You can see three name fields in your QB Desktop software which are:
- Vendor Name
- Company Name
- Full Name: First Name, Middle Initial, Last Name
The data available in these fields are used to form up the names on 1099-MISC forms. Below we have provided the possible cases based on the input from these fields:
- You will be able to see the Vendor Name and the Customer Name in the 1099-MISC Form.
- You cannot leave the Vendor name blank as it will trigger an error to pop-up on your screen. However, you can decide to specify to just use the Vendor name and leave the full name fields empty.
- If you leave the Company Name empty but provide a vendor name then only the Vendor Name will be shown in the 1099-MISC Form.
Q2. What envelopes do I use for Form 1099?
A2. Most people use the two or three to an 8×11 inch sheet for printing the form 1099. Also, do not use the folding mailing as IRS demands flat mailing.
If you have any question related to Setting Up A 1099 Vendor & Print Forms in your QuickBooks Desktop, get in touch with the QuickBooks Support Department by dialing their QuickBooks POS Support Phone Number +1-800-778-7614. The Intuit Certified QuickBooks Experts of supportforerror deliver immediate support services to all QB Users. You can contact the QuickBooks Experts via different mediums like phone support, email support, live chat etc.