I use one account (Contractor comp) to pay my contractors. I have a sub account I use for their travel expenses. The sub account didn't make it in the 1099. How to fix?
Good morning, @kutikuma. I'm here to provide you with information on the 1099 tax form.
There are eighteen payment boxes on the 1099-MISC form used for mapping account payments. Each box has a specific IRS-mandated threshold. QuickBooks and Intuit E-file Service only support Boxes 1-10 and 13-14. You'll need to use Box 7: Non-employee compensation for their travel expenses. The threshold for box 7 is $600.
Here are the steps on how to prepare 1099s in QuickBooks Online:
Go to the Workers tab on the left-hand menu, then Contractors.
Choose Prepare 1099s, then Let's get started.
Make sure your company name, address, and tax ID matches are correct.
Select the boxes (1-14) that represent the type of payments made.
Most businesses select Box 7: Nonemployee Compensation. For more information, click here.
Pick the boxes that represent the expense accounts where you track the payments, then hit Next.
Verify that all of your contractors show up and their information and email addresses are correct. If you’re missing a contractor, press Add from Vendor list and select any additional 1099 contractors from your QuickBooks Vendor list, then press Next.
Review the payment totals for each box you selected in step 5. Note that you won't see payments you made electronically (such as by credit card, etc.) because these are reported for you by the credit card company. If you don’t see all of the payments you expect, you can verify the year just above the Vendor column.
Click Finish preparing 1099s, then Go to 1099 E-File Service.
For more additional information on how to prepare and file, click here.
If you need further assistance, please let me know. I'm just a reply away. Have a great day.