1099 is a series of forms used to report non-salary income or the money earned from self-employment, independent contractors, etc… There are several types of 1099 forms, however, the most common and the ones that you would usually need are the following:
|1099-MISC||The year end summary of all non-employee compensation that meets the IRS thresholds. Reported in this form are cash and check payments (unpaid bills are not included) from rent, royalties, self-employment, independent contractors, crop insurance proceeds and others. QuickBooks can track reports for and e-file/print the 1099-MISC forms on pre-printed forms.|
|1096||The compilation of all filed 1099-MISC forms. QuickBooks allows printing of 1096 forms on a pre-printed form.|
|1099-K||Reports all electronic payments made between businesses. This is filed NOT by QuickBooks users but by electronic payments companies like PayPal, Mastercard, Visa and American Express. Reported in 1099-K are credit/debit card and electronic payments for all non-employee compensation that meets IRS thresholds.|
As a business owner, you are required by the IRS to submit copies of 1099-MISC forms for your hired contractors who are not part of the regular payroll.
Important: Make sure to file your 1099-MISC ahead of time to avoid monetary penalties and other sanctions.
The 1099 wizard is a handy guide that walks you through the steps in generating 1099 information and preparing 1099-MISC and 1096 forms for printing or e-filing.
For more information, see QuickBooks 1099 Wizard.
File your 1099 forms after you have confirmed that your data is correct.
Intuit offers two filing methods – print and e-file service. The table below summarizes the differences between these two filing options.