I received the following information on the 1099-NEC 1099-MISC filing for 2020 however, it is for payroll processing.
We do not use QuicBooks Payroll.
I pay both rent and nonemployee compensation through Accounts Payable. We only use Vendors. What is the process for that going to be?
I can provide some insights in preparing and filing 1099s with QuickBooks Desktop, @Lauri.
You'll need to have a payroll service to set up QuickBooks for the 1099-MISC and 1099-NEC forms.
You'll just have to adjust your chart of accounts to ensure each form has accounts set up specifically for it. Then, you can either create a journal entry to post it to the newly created 1099-NEC accounts or you can edit existing payments to the new accounts.
Once done, you can now to begin filing your 1099-MISC and 1099-NEC forms.
Here's more information about the boxes on Forms 1099-NEC and 1099-MISC: Understanding payment categories for the 1099-MISC and 1099-NEC.
I'm always here if you need further help or questions with your forms. I'm always here to help. Have a great rest of the day!
I don't need payroll.
I have already paid them through AP and have been doing the 1099-Misc filings through the vendor menu for 6 years.
Even if I added payroll I would have to process checks for all of them again which is wrong.
So will there be an update in the vendor menu to process the 1099-NEC and 1099-Misc and what will that entail me doing?
Regarding needed a payroll subscription to print 2020 Form 1099's... Prior to this year this has never been a requirement, and in doing a test in a company which does not have payroll, it does appear the 1099's can still be printed. Please advise. TYIA
Hello, @Neen Spell, thanks for posting in the Community! I'm happy to explain this a bit more.
There's no need for a payroll subscription in terms of 1099-NEC/MISC since your 1099s are not part of payroll in QuickBooks. You'll only need a payroll subscription if you use direct deposit to pay your contractors.
To create new forms, go through the 1099 Wizard within your QuickBooks account:
If you have any questions or run into any roadblocks, please don't hesitate to reach out through this post. We're eager to help you with this. :)
Kiala, I still don't think you understand the question.
Yes, we can use the 1099 wizard, but the 1099-NEC isn't an option in Quickbooks Desktop. It still thinks that 1099-MISC is the only form.
I've seen posted in some other forums that there's supposedly an update to QBD being released tomorrow (Dec 17) that adds the 1099-NEC.
It's nice to see you here in the Community, davids9.
Yes, you're right. Intuit will be releasing a new payroll tax update on Dec. 17, 2020. We're working as quickly as possible to launch the new 1099-NEC form to all QuickBooks payroll users.
For now, I'd recommend waiting and update your payroll tax table to get the latest release including the new form. Here's how:
I recommend visiting the following article to know how 1099-MISC and 1099-NEC works in QuickBooks Desktop: How to modify your chart of accounts for your 1099-MISC and 1099-NEC filing.
Additionally, I've also included a link in which will guide you when filing your 1099 form in the IRS: Tax Year 2020 - Instructions for Forms 1099-MISC and 1099-NEC.
Don't hesitate to drop me a reply below if you have any other 1099 forms concerns or anything about QuickBooks. I'll be your helping hand today. Have a good one.
Hey there, @liz70.
I'm happy to provide this information for you! This update for 2018 users will be available on December 29th.
For more information about 1099 forms in QBDT and when to file them, you can check out this article: Learn what 1099 forms there are and how you can prepare for the 2020 tax season.
I've also included a link in which will guide you when filing your 1099 form in the IRS: Tax Year 2020 - Instructions for Forms 1099-MISC and 1099-NEC.
If you need any other assistance, feel free to post here anytime. Take care!
Welcome to this thread, @TaxGeekTim. It's available now, and QuickBooks 2019 is one of the supported versions.
Let's update the latest release and the payroll tax table so you can start preparing your 1099 NEC forms. Let me show you how:
From there, you'll be asked to close and re-open QuickBooks so the system can install the updates. Then, follow the steps below to update your payroll tax table:
Your 1099 NEC form preparation is ready. You can follow the steps outlined in this article: How to modify your chart of accounts for your 1099-MISC and 1099-NEC filing?
Additionally, I've also included this helpful reference for a compilation of articles you can use for the year-end preparations.
I'd be here to guide you more about preparing your 1099- NEC, @TaxGeekTim. Feel free to post again in this thread.
I don't have subscription for payroll anymore.
I stopped doing payroll around 5 years ago.
I have been taking care of 1099's for years thru QuickBooks though.
Has something changed where I have to have a payroll subscription to run 1099's now?
Hello there, @TaxGeekTim.
There are no changes when filing 1099 forms. You can still prepare your 1099 forms through QuickBooks Desktop without having a payroll subscription.
The second set of steps given by my colleague are for the customers that are subscribed to payroll.
I've added this article from IRS to know more details about the updates of the 1099-NEC form: About Form 1099-NEC, Nonemployee Compensation.
You can always tag my name in the comment section if you have other questions. I'd be happy to assist you further. Take care.
Thanks for the update, TaxGeekTim.
The 1099 NEC form is now available in QuickBooks Desktop (QBDT) 2019 and you should now able to print it.
If I may ask, have you already performed the payroll update and have the most recent QBDT release? If no, then I suggest doing so. You can follow the steps provided by my colleague @katherinejoyceO above.
If yes, ensure the date range specified for the 1099 NEC form is for the 2020 period. Here's how:
On the other hand, if you're on another hosted environment, you may need to wait for your host to install the latest update before seeing the 1099 NEC form.
For more details about 1099, see this article: Create and file 1099s with QuickBooks Desktop.
For your future tasks, here's a helpful article for some directions when you're ready to do the year-end tasks: QuickBooks Desktop Year End Prep and Resources.
Should you have other questions, do let me know. I'll be around to help. Take care.
RE: Regarding needed a payroll subscription to print 2020 Form 1099's... Prior to this year this has never been a requirement, and in doing a test in a company which does not have payroll, it does appear the 1099's can still be printed.
Yes, tou don't need a payroll subscription to print the 1099 form that is initially delivered with QuickBooks. But, for more than a decade you've needed one in order to get updates to the 1099 form layout and other data such as the default Federal thresholds for the different boxes. These things don't change that often and so you probably didn't notice.
But still, the updates to QB and the new form are only delivered via a payroll update, which you can only get if you have a payroll subscription.
Hello there, MHReid.
Thank you for reaching out to us with your concern about getting the 1099-NEC. I'll provide you the steps on how to print it.
You can check with the Tax support page for more information about 1099.
Get back to me if you have any additional questions about getting the 1099NEC. I'm just a post away.