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Top 5- Year End 1099 Questions

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Hello and welcome to another Top 5! This time around, we will be focusing on Year End 1099 questions again and covering some of the most asked questions; such as how to export 1099 info to Excel, 1099 e-filing, 1099 corrections & more. So make sure to grab your favorite drink and keep reading if you’re interested in hearing more.
 
Let’s dive into it!
 

1. How can I export 1099 information to Excel for my CPA?

Thanks for asking, I’m happy to help guide you in the right direction!
 
If you don't have the option to generate the 1099 form from within your QuickBooks Online, then you’ll want to run a custom report to export your vendor information to your accountant.
 
You can run a custom Transaction List by Vendor report. What you’ll want to do next is filter it so only your contractors with 1099 transactions are included. You can check out this article for more details about the customization process: Customize reports in QuickBooks Online.
 
Once you’re ready, go ahead and click the Export button, then select Export to Excel. At this point, you can proceed with sending the Excel file to your accountant to process your 1099 form.
 
You’re now good to go!
 

2. Can I do a 1099 correction after submission to the IRS in QuickBooks Accountant Online?

Yes, you can!
 
However, QuickBooks Online only allows you to file your 1099 once. For updates or corrections, you can do it in a printed copy and manually send it by mail to the IRS. You can file the amended form by following the steps below:
  1. Order 1099-NEC IRS forms online at IRS Online Ordering for Information Returns and Employer Returns.
  2. Fill out the 1099-NEC form and make sure to enter the correct Social Security Number.
  3. Tick the Corrected box.
  4. Once done, mail the form to the IRS.
 
That should do it!
 
I'm adding these articles here as well for additional resources:

 

3. How does the 1099 E-file work in QuickBooks Online?

I’m glad you asked!
 
I can help provide clarifications on how QuickBooks Online goes about processing your 1099 forms.
 
When using the E-file feature, the online program will automatically submit the mentioned forms for you. You can get copies of your 1099's if you've filed them through our 1099 E-file service.
 
Here's how:
  1. Log in to your 1099 E-file Service account.
  2. Under Step 2, click Download and print copies for your records.
  3. Follow the onscreen instructions until you reach the Download You 1099 Forms screen.
  4. Select either Print For Contractors or Print For Your Records.
 
Also, the option to e-file your state 1099s is unavailable at this time. You may want to contact the state agencies to see if they offer electronic filing.
 
Let me share these resources so you can get a breakdown of the copies that QuickBooks Online submits and the ones you'll have to keep. From there, you'll learn which payroll service supports electronic filing.
 
Here are some additional resources to help you out:

 

4. How do I file a 1099 to a foreign contractor?

Great question!
 
As long as the foreign contractor is not a U.S. person and the services are wholly performed outside the U.S., then no Form 1099 is required and no withholding is required.
 
Instead, you should get a form W-8BEN signed by the foreign contractor.  By signing Form W-8BEN, the foreign contractor is certifying that he or she is not a U.S. person, therefore it is not filed with the I.R.S. Instead, it is kept on file with the U.S. payor in case the U.S. payor is audited. In case of being audited, then the Form W-8BEN supports why no Form 1099 was issued and why no tax was withheld.
 
In the meantime, the best way is to get in touch with the IRS to make sure that you will be filing the correct form at year-end.
 
You may refer to this article about the 1099 form and things to know when preparing your Form 1099:  

 

5. How can I add in a late 1099 form in QuickBooks Online?

No need to worry, I’m here to help!
 
First things first, you’ll want to follow the same steps as when you first submitted the first batch. And, I'm happy to provide the steps:
  1. Go to the Expenses menu.
  2. Select the Vendors tab.
  3. On the right corner of your screen, you will see Prepare 1099s.
     

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  1. Once routed to the next page, click Continue your 1099s.
  2. Follow the next steps for filing.
 
That’s all!
 
After you file your 1099s to the IRS with the steps above, we’ll notify you of your filings’ status through email. You can also check your filing status anytime and view previous field forms through your 1099 E-File account.
 
That’s all we have for today! I hope you found this information helpful and that you feel even more confident when it comes to managing your 1099s. As always, If you have any other questions, please let us know here in the community and we’re happy to help.
 
See you next time for some more popular topics!

 

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