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MiFoster
Level 1

1099 filing

I am filing a client's 1099's and payments made to vendors that were paid by credit card are excluded from the reporting.  Is this correct? I've never filed before using QB, and have always included these payments types in my filing.

Solved
Best answer January 27, 2021

Best Answers
MariaSoledadG
QuickBooks Team

1099 filing

I'm here to provide you a few information about the 1099 filing, MiFoster.

 

Yes, credit cards must be excluded from reporting. The IRS requires reporting of all payment card and third-party network transactions annually and provides you with a Form 1099-K to report monthly and annual gross credit card transaction sales. You'll want to visit the IRS website for more information. 

 

In addition, If you need to file both a 1099-NEC and a 1099-MISC  and adjust your account and contractor payments. This is determined by which types of boxes you select for the types of payments you made to non-employees. You can now create your 1099 if you want to get ready to e-file or print. 

 

For more information and reference, you may want to consider reading these articles:

 

 

Reply below if you need further assistance. As always, the Community has always your back 24/7.

View solution in original post

1 Comment
MariaSoledadG
QuickBooks Team

1099 filing

I'm here to provide you a few information about the 1099 filing, MiFoster.

 

Yes, credit cards must be excluded from reporting. The IRS requires reporting of all payment card and third-party network transactions annually and provides you with a Form 1099-K to report monthly and annual gross credit card transaction sales. You'll want to visit the IRS website for more information. 

 

In addition, If you need to file both a 1099-NEC and a 1099-MISC  and adjust your account and contractor payments. This is determined by which types of boxes you select for the types of payments you made to non-employees. You can now create your 1099 if you want to get ready to e-file or print. 

 

For more information and reference, you may want to consider reading these articles:

 

 

Reply below if you need further assistance. As always, the Community has always your back 24/7.

View solution in original post

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