How QuickBooks prepares your 1099s

[0:00] Hi, this is Katheryn from the QuickBooks team. QuickBooks can create your 1099s, send them to your contractors and e-file them with the IRS. Let's go over how QuickBooks prepares and pre-select vendors and payments for 1099s. Then you'll see how to review everything, make any necessary changes, and e-file 1099s. Note that 1099s are due to contractors by January 31st.

[0:28] For filing due dates and guidelines, visit irs. gov. To start, go to expenses, then 1099s. Select prepare 1099. Select prepare 1099. If you see that option. You can choose to let QuickBooks auto prep your forms or prep your own forms manually via QuickBooks. Both options will let you e-file through QuickBooks in the end. Let's save some time and let QuickBooks do the prep.

[0:57] Review your company info. If you need to make any changes, select edit. When you finish reviewing your info, select Confirm info and start filing. QuickBooks scans your books to find transactions that relate to vendors who likely need a 1099.

[1:15] It also filters out credit card transactions, sorts through vendors to determine whether or not they’re corporations, maps accounts to boxes on the 1099 form, and creates your forms. When QuickBooks finishes, select View results. Here you'll see the list of people and companies you paid that appear to need a 1099. Review the list to confirm what QuickBooks found.

[1:40] If QuickBooks has all the info it needs for a vendor, you'll see that they're ready to file. If QuickBooks found a vendor that wasn't marked as a 1099 vendor, but appears to need a 1099, you'll see that QuickBooks recommends tracking them. Select review to see more details. If something is missing like W9 information, you'll see that in the status column and can select the link to add it.

[2:06] If you need to add someone you don't see on the list, select include more recipients. The form type column tells you which forms you'll submit for the vendor. To take a closer look at what will appear on a 1099, Select the amount in the Amount reported column. Now you see the transactions you recorded for that vendor, grouped by account.

[2:27] For each account, you'll see the 1099 box QuickBooks assigned it to. If you want to assign the account to a different box, or include an account you don't see here, select View accounts and box mappings. You can also toggle off an account so it won't appear on the 1099 at all. From these tabs, you can switch between the 1099 forms and see any accounts QuickBooks excluded from all 1099 forms.

[2:55] You can preview any of the 1099s with this button, or remove a vendor from this list with this button. Select the checkbox for any vendor you want to file, or select this box to select them all. If you're not ready to file for a vendor, unselect them. When everything looks right, select I've reviewed and am ready to file.

[3:18] Next, you'll see the state filing requirements based on your 1099 vendor's addresses. If your vendors live in states that participate in combined federal and state filing, you'll see the states listed here and won't need to perform any extra steps after filing.

[3:36] Some states require a direct state filing, though, so you'll file a federal 1099 first and then receive information on how to complete the additional state filing steps. After you file, select next. Confirm your billing information, and when everything looks right, select Purchase and e-file.

[3:57] QuickBooks will also print and mail a copy to all the recipients and email them an invite so they can download their 1099. And that's it. Now your 1099s are complete. Select viewsubmitted 1099 to see a list of your 1099s and to check for contractors who live in states with additional filing requirements. Now you're ready to create 1099s for your contractors in QuickBooks online.