As a business owner 1099 MISC form is a procedure to be carried out. Quickbooks comes up with the feature QuickBooks 1099 wizard that simplifies the process of filling 1099 MISC forms. 1099 wizard saves your time and allows you to prepare, review and file all your 1099 MISC forms to the internal revenue service (IRS) if you are filing by mail to the IRS.
How to use the QuickBooks 1099 wizard to prepare and file 1099 MISC forms?
Select requiring vendors for 1099 MISC forms
Quickbooks 1099 wizard will show you a list of vendors. From the list select those vendors that require 1099 MISC forms. Then click on continue.
Verify information of vendors
A table will appear on the screen that will allow you to edit and verify each vendors information. To edit values, you can double click the cells in the table. After that click on the continue button.
Map vendor payment accounts
In this, you have to tell QuickBooks where the amounts paid from each account should appear on form 1099 MISC. For mapping account from 1099 MISC forms you have to choose from apply payments to 1099 box dropdown list.
Review payments for exclusions
According to the IRS you are required to exclude from form 1099 MISC the electronic payments such as debit card, credit card, gift card, or PayPal. If you made payments by any of it edit the check number field to include an appropriate notation so that QuickBooks can exclude these payments.
Confirm your 1099 entries
Now a table will appear on the QuickBooks 1099 wizard screen that will allow you to review the summary of vendors. You can also review transaction details by double-clicking any amount.
Choose a filing method
Now you have to choose your preferred filing method from two available choices appearing on the screen i.e. e-file and print. By choosing the print option you can print the form before mailing to IRS or you want to file electronically you may use the paid 1099 e-file service.
You already get the idea of how QuickBooks 1099 wizard makes filing 1099 MISC form a hassle-free procedure. For some reason, if you find QuickBooks 1099 wizard not working or any other technical issue regarding QuickBooks feel free to call us on 1-833-325-0220 consult experts to resolve your issue.