Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowGood afternoon, @alex-elizabethri.
I appreciate you coming here with your question about 1099-INT. Let me provide you with some information to help you out.
QuickBooks enables you to print vendors and prepare 1099-INT forms selectively. Nevertheless, QuickBooks cannot e-file these forms or correctly print the necessary 1096 to accompany them, as it defaults to checking the MISC box for the type being filed. However, there is a solution to this issue.
You can print your 1096 for the 1099-INT on blank paper, cut off the bottom of the page that includes the checkmark, and then place it in your copier to copy onto the approved red IRS 1096. The IRS only accepts preprinted red 1096 forms and will penalize you if you print on plain paper with red ink. After copying, you can then check the appropriate box. It may take some practice to align the form correctly. The deadline to submit 1099-INT by mail to the IRS is February 28th, although recipients still need theirs at the same time as the MISC forms.
Furthermore, the amount reported in Box 2 for Royalties on a 1099-MISC corresponds to the Box 1 Interest Income on a 1099-INT. Therefore, the workaround involves mapping the interest-receiving vendors' Interest Expenses to Box 2 for Royalties.
I'm also adding this page if you need guidance for tax filling the next fiscal year, check out this article: Year-end guide for QuickBooks Online.
I hope this helps and you get the results you need. I'm only a post away if you need me again. Take care!
How do I file part NEC and part INT? we have more than 10 1099-NEC's so it says we have to file electronically. Can I manually file the 6 remaining 1099-INT's? Thanks
Welcome to the Community, @Thilmony.
Let me help and provide information about the 1099-NEC and INT in QuickBooks Online (QBO).
Here's how to create and file a 1099-NEC:
For more detailed information about filing 1099, refer to this article: Create and file 1099s with QBO
On another note, the option to file or prepare 1099-INT is currently unavailable. You'll have to file or print it outside QuickBooks.
For future reference, you can check these articles to learn more about the different federal payroll forms and which payments should be excluded from the 1099-NEC form.
Don't hesitate to leave a comment below if you have follow-up questions about 1099 or other QBO-related concerns. I will answer them in any possible way.
Sorry, this doesn't address the question. If I e-file my 1099-NEC through QB because I have over 10, can I manually file the remaining 1099-INT ? Thanks
Yes, you can manually file 1099-INT while e-filing 1099-NEC with QuickBooks, @Thilmony. Let me share some options you may consider.
As mentioned by my colleagues above, you can print 1096 for 1099-INT on blank paper and copy it onto the approved red IRS 1096. The workaround to map interest expenses to Box 2 for Royalties involves the amount in Box 2 for Royalties on a 1099-MISC, which corresponds to the Box 1 Interest Income on a 1099-INT.
You may follow the instructions above to e-file your 1099-NEC. If you still have questions, refer to this article for the answers: Create and file 1099s with QuickBooks Online.
Here's your guide for closing the previous fiscal year and preparing for the new one: Year-end guide for QuickBooks Online.
The clarification above should help you decide which action is best for you. Let me know if you have any other concerns about 1099s. Keep safe!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here