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Level 1

Does Quickbooks desktop prepare 1099-S to report timber sales?

I have a client that is a timber buyer.  They are using an electric typewriter to prepare the 1099-S forms.  Does QB support anything other than 1099-Misc?

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Community Champion

Does Quickbooks desktop prepare 1099-S to report timber sales?

QB does not support any other 1099 except Misc. And only 1099-Misc can be electronically submitted to IRS and/or vendor through QB A workaround is possible, if the correct box needed on your 1099-S lines up with a box on 1099-Misc. If so you can assign the payments to that box for that vendor. 

 

Since the 1096 to accompany it will through QB check a box you do not want checked you have a choice - print and use white-out (not recommended) or print on plain white paper and remove the part with the checkmark, and copy onto the correct red IRS form and manually check the correct box.  

 

Do not, they warn, attempt to send in a red 1096 printed from the web as the IRS says they will balance next year's budget from your fine (maybe not that much but a fine none the less)

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QuickBooks Team

Does Quickbooks desktop prepare 1099-S to report timber sales?

Hello Harry67. Happy to have you here in the Community!

 

Yes, QuickBooks has a feature for preparing 1099-S forms. It also enables you to file. Be sure to check the state requirements for more information on how to do this.
Here are the steps:
1. Go to Vendors and then to Print/E-file 1099s.
2. Select 1099 Wizard, then Get Started.
3. Choose the vendors, then Continue.
4. Make sure the vendor information is accurate.



5. Look for the Apply payments to this 1099 box section, select the account you want to link it to, and Continue.



6. Click on View Included Payments, go to View Excluded Payments, then Continue.
7. Review the vendors and amounts.



8. Choose print 1099s or E-file.
If you plan to file by postal mail, you can purchase 1099 forms from Intuit.

If you have questions about this, you can always check out our FAQ. At the same time, I'll still be here to help you with this, so just let me know if you need me.

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