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Level 1

I need to use the 1099 interest income form for a vendor. How do we integrate this as a template in QB?

 
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Community Champion

I need to use the 1099 interest income form for a vendor. How do we integrate this as a template in QB?

QB does not provide any 1099 other than 1099-misc. Your option is to utilize the 1099-misc as created by QB for interest paid but handwritten your own downloaded form from IRS.

 

You do know that you do not issue 1099-INT for interest you paid, unless you are a financial institution?

 

Exempt recipients.

You are not required to file Form 1099-INT for payments made to certain payees including, but not limited to, a corporation, a tax-exempt organization, any individual retirement arrangement (IRA), Archer medical savings account (MSA), Medicare Advantage MSA, health savings account (HSA), a U.S. agency, a state, the District of Columbia, a U.S. possession, a registered securities or commodities dealer, nominees or custodians, brokers, or notional principal contract (swap) dealers. For additional exempt recipients, see Regulations section 1.6049-4 for more information. For situations when you are required to file Form 1099-INT for certain recipients that are otherwise generally exempt, but that receive credits from tax credit bonds, see Interest to holders of tax credit bonds under Box 1. Interest Income, later.

Interest excluded from reporting.

You are not required to file Form 1099-INT for interest on an obligation issued by an individual, interest on amounts from sources outside the United States paid outside the United States by a non-U.S. payer or non-U.S. middleman, certain portfolio interest, interest on an obligation issued by an international organization and paid by that organization, and payments made to a foreign beneficial owner or foreign payee. See Regulations section 1.6049-5 for more information.

Other exception.

Do not report tax-deferred interest, such as interest that is earned but not distributed from an IRA

.

 

If you paid mortgage interest you receive a 1098. 

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Level 1

I need to use the 1099 interest income form for a vendor. How do we integrate this as a template in QB?

It's not true that you don't have to issue 1099-INT. We are a partnership with a loan from a partner, on which interest is paid. We issue 1099-INT for all interest that was paid to a partner during the year, and we are not a financial institution

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