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NorthStarBA
Level 1

Why is the payer name and TIN shown on the 1099 different from the information sheet for the same 1099s?

The information sheet created in the 1099 process shows the correct payer name and TIN. When I print the actual 1099 form, it is different (show the payer name and TIN from 2019 forms).
3 Comments 3
john-pero
Community Champion

Why is the payer name and TIN shown on the 1099 different from the information sheet for the same 1099s?

My uneducated guess

 

Payer is you, and that is the information for your company in QB that should not change. Therefore payer name and FEIN should be identical to years past.  If you have a NEW FEIN and name then you should have created a NEW company file with that info since a new number indicates a new company (to the IRS)

NorthStarBA
Level 1

Why is the payer name and TIN shown on the 1099 different from the information sheet for the same 1099s?

John,

Thanks for following up.  The problem was that the information sheet you can print to verify the 1099 info is correct at the beginning of the 1099 process showed the correct payer name and TIN (which is our company name in the QBO account settings).  However, when I produced the actual 1099, the payer name and TIN was the company name/TIN the 1099s were produced under for 2019.  There is a separate setting for the payer name in the Efile module that must be updated, or it defaults to the last payer/TIN used.  The efile module apparently does not reference the payer name/TIN in your QBO account settings.

MaryAnn_E
QuickBooks Team

Why is the payer name and TIN shown on the 1099 different from the information sheet for the same 1099s?

Hi there , @ NorthStarBA.

 

You'll need to amend 1099 to correct errors on Forms 1099-MISC, such as incorrect payer name and/or TIN or duplicate reporting.

 

The IRS General Instructions for Certain Information Returns(Forms 1096, 1097,1098, 1099,3921,3922,5498, and W-2G) contains the information you need to prepare and file corrected 1099-MISC forms. Depending on the error, refer to the appropriate section of the document:

 

  • Incorrect payer name and/or TIN: Section F (Electronic Reporting), subsection How to report incorrect payer name and/or TIN.
  • Duplicate reporting or a large percentage of incorrect information: Section F (Electronic Reporting), subsection How to report incorrect payer name and/or TIN.
  • Other errors: Section H (Corrected Returns on Paper Forms) and Error Charts for Filing Corrected Returns on Paper Forms on the page following the end of Section H.

 

You may refer to this article: General Instructions for Certain Information Returns. And, go to page 11 on how to make any corrections.

 

Please check this article for some helpful tips about 1099s: Common questions about 1099s.

 

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