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gwco
Level 1

Is there a setting in QBO Prepare 1099s to issue a 1099 for a client issued a rebate (over $600 threshold)?

... or do they have to be categorized as a Vendor?
Solved
Best answer January 07, 2021

Best Answers
Candice C
QuickBooks Team

Is there a setting in QBO Prepare 1099s to issue a 1099 for a client issued a rebate (over $600 threshold)?

Good morning, @gwco

 

It's great to see a new face here in the Community. I've got you covered. Helping out with 1099s are my specialty. 

 

The IRS Form 1099 tracks money that you paid to a non-employee. The answer to your question is yes. They would need to be categorized as a 1099 vendor before they would show on the Prepare 1099s list. Learn more about these forms through this link: What is a 1099 and do I need to file one?

 

Here's how to create a vendor and track payments for 1099: 

 

  1. Go to the Expenses tab on the left-hand menu bar. 
  2. Select the Vendors portion of the page. 
  3. Press New Vendor in the green bubble. 

 

 

       4. Enter all the required information. Before saving, put a check in the Track payments for 1099 box. 

       5. Hit Save when done. 

 

 

Here are a few extra guides that can help you and your business in the future with vendors: 

 

 

This information should give you a better understanding of vendors and preparing the 1099 forms. Let me know if you have any other questions or concerns. I want to make sure all of your concerns are addressed. Wishing you and your business continued success! 

View solution in original post

1 Comment 1
Candice C
QuickBooks Team

Is there a setting in QBO Prepare 1099s to issue a 1099 for a client issued a rebate (over $600 threshold)?

Good morning, @gwco

 

It's great to see a new face here in the Community. I've got you covered. Helping out with 1099s are my specialty. 

 

The IRS Form 1099 tracks money that you paid to a non-employee. The answer to your question is yes. They would need to be categorized as a 1099 vendor before they would show on the Prepare 1099s list. Learn more about these forms through this link: What is a 1099 and do I need to file one?

 

Here's how to create a vendor and track payments for 1099: 

 

  1. Go to the Expenses tab on the left-hand menu bar. 
  2. Select the Vendors portion of the page. 
  3. Press New Vendor in the green bubble. 

 

 

       4. Enter all the required information. Before saving, put a check in the Track payments for 1099 box. 

       5. Hit Save when done. 

 

 

Here are a few extra guides that can help you and your business in the future with vendors: 

 

 

This information should give you a better understanding of vendors and preparing the 1099 forms. Let me know if you have any other questions or concerns. I want to make sure all of your concerns are addressed. Wishing you and your business continued success! 

View solution in original post

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