cancel
Showing results for 
Search instead for 
Did you mean: 
DSLIVE
Level 1

1099 NEC help

I am wondering how to keep the payments I made to a vendor in COGS and have it show up as 1099...

In this case, the vendor did some maintenance  work which I booked separately under expenses and that stuff is showing up that it will print for 1099 but for the stuff he did for me that I put under COGS it is telling me it is not going to print on the 1099. How do I get it to print?

Thanks

Dan

 

Solved
Best answer January 23, 2021

Best Answers
Rustler
Level 15

1099 NEC help

COGS is the cost of the inventory items that were sold.

 

A contractor by definition does not deal with inventory so his payments never show in COGS.

View solution in original post

katherinejoyceO
QuickBooks Team

1099 NEC help

Thanks for coming back for more support, @DSLIVE. I appreciate you for following the steps shared by my peer KlentB. 

 

You can access and print a copy of the e-filed 1099 going to the Prepare 1099s page again in QuickBooks Online (QBO). Then, go to the Print sample on blank paper to print them.

 

Here's how: 

 

  1. Go to the Expenses menu at the left panel, then choose Vendors.
  2. Click Prepare 1099s, and select Continue your 1099s to review your form.
  3. Hit Finish preparing 1099s, then pick I'll file myself.
  4. Tick Print sample on blank paper to see a preview of your form to be printed.
  5. Tap the Print button.
  6.  

You can access archived or previously filed 1099 forms that are from January 1 through April 30 at any time by logging into your 1099 E-File Service account

 

Additionally, I've got you this article for your future reference in case you'll need to amend your 1099's: How to correct or change 1099s in QuickBooks

 

We're always around here to help if you need more assistance, @DSLIVE. Have a great one. 

View solution in original post

4 Comments
Rustler
Level 15

1099 NEC help

COGS is the cost of the inventory items that were sold.

 

A contractor by definition does not deal with inventory so his payments never show in COGS.

View solution in original post

KlentB
QuickBooks Team

1099 NEC help

Thanks for checking out the Community space, Dan.

 

I'm here to share some information about how Form 1099 works in QuickBooks. 

 

Please take note that the payments made via credit card, debit card, or third party system, such as PayPal, are excluded from the 1099-MISC and 1099-NEC calculations. Instead, your financial institution will report these payments for you. You may run the Excluded Payments by Vendor report to verify the excluded payments:

 

  1. Select Expenses, then go to the Vendors tab.
  2. Click Prepare 1099s.
  3. Go to the Preview 1099 and 1096 Information section and note the column titled Total 1099 Payments Excluded.
  4. Select the total in this column to see an Excluded Payments by Vendor report, 
  5. Review the transaction details to check if the payment should indeed be excluded

Additionally, you'll also want to make sure that the accounts you used on your vendor transactions are properly mapped for 1099. Here's how to do it:
 

  1. Select Expenses, then go to the Vendors tab.
  2. Click the Prepare 1099's button in the upper right-hand corner.
  3. Set up your company information and click Next.
  4. Select the boxes that represent the type of payments made to all of your contractors this year.
  5. In the drop list, choose all the accounts you used in all your contractor transactions.
  6. Hit Next, then click Finish Later to finish the setup.

By the way, the Nonemployee compensation option has been removed from 1099-MISC. If you filed your 1099-MISC with only Box 7 in the past, you'll have to choose Box 1 - Nonemployee Compensation on the new 1099-NEC.

 

I've also included some articles that will help you prepare for the 2020 tax season:
 

Feel free to visit us here again if you need more help in managing your vendor transactions. We'll be more than happy to assist.

DSLIVE
Level 1

1099 NEC help

Thanks KlentB - just getting around to this.

Another question - I e-filed through Quickbooks.

How do I access the ones I submitted so I can print copies for myself?

I did that for a bunch of them, but then I needed to go back and do some I missed and it didn't give me an option to print those last ones. 

Thanks

Dan

katherinejoyceO
QuickBooks Team

1099 NEC help

Thanks for coming back for more support, @DSLIVE. I appreciate you for following the steps shared by my peer KlentB. 

 

You can access and print a copy of the e-filed 1099 going to the Prepare 1099s page again in QuickBooks Online (QBO). Then, go to the Print sample on blank paper to print them.

 

Here's how: 

 

  1. Go to the Expenses menu at the left panel, then choose Vendors.
  2. Click Prepare 1099s, and select Continue your 1099s to review your form.
  3. Hit Finish preparing 1099s, then pick I'll file myself.
  4. Tick Print sample on blank paper to see a preview of your form to be printed.
  5. Tap the Print button.
  6.  

You can access archived or previously filed 1099 forms that are from January 1 through April 30 at any time by logging into your 1099 E-File Service account

 

Additionally, I've got you this article for your future reference in case you'll need to amend your 1099's: How to correct or change 1099s in QuickBooks

 

We're always around here to help if you need more assistance, @DSLIVE. Have a great one. 

View solution in original post

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us