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conniedusc
Level 1

1099 nec.

I am really struggling this year.  Finally finished 1099 misc. Now 1099 nec. I have the vendors i need but the amounts are wrong. Its taking the whole amounts i paid to them through the whole year and those amounts don't need to  be included on the 1099 nec. We are farmers so some vendors may have amounts under 2 or 3 accounts. Anyone get what i mean. Thanks

Solved
Best answer January 19, 2021

Best Answers
MaryJoyD
QuickBooks Team

1099 nec.

I can share some info to ensure you can manage your 1099-NEC forms in QuickBooks Desktop (QBDT), @conniedusc.

 

After creating 1099-MISC, you'll need to repeat the steps for the 1099-NEC form. If you need to file both the 1099-MISC and 1099-NEC you will need to adjust your Chart of Accounts to ensure accounts are set up specifically for each form.

 

To create a new account to your Chart of Accounts to track the separate payments.

  1. Go to Lists, then select Chart of Accounts.
  2. From the Account dropdown, choose New to create a new account.
  3. Select an account type of Expense, Other Expense or COGS, then select Continue.
  4. Enter the Account Name and details such as DescriptionNote and Tax-line Mapping.
  5. Select Save & Close.
  6. Repeat this process for each new account to be reported on the 1099-NEC.

Move the payments to the new account:

 

You can choose to create a journal entry to move amounts to show in the newly created 1099-NEC accounts or you can edit existing payments to the new accounts.

 

To add a journal entry

  1. Go to Company and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Select Save & Close or Save & New if you have more entries to make.
  4. Repeat this process for each payment you need to move.

Edit existing contractor payments

  1. Select Vendors and then Vendor Center.
  2. Choose the vendor and locate the transactions you need to edit.
  3. Double-click to open the transaction to make your edits.
  4. After you have made the changes, select Save & Close.
  5. Repeat this process for each payment you need to change.

You can now run a 1099 Summary or 1099 Detail report to validate the changes to reflect the correct amounts in each account for both the 1099-NEC and the 1099-MISC.

  1. Go to Reports, then select Vendors & Payables.
  2. Choose either 1099 Summary or 1099 Detail.
    Note: Reports will default to the Last Calendar Year, so be sure the report is set up for the correct date range next to Dates at the top of the report.
  3. You should see the changes you made reflected.

Once these steps are completed, you are ready to begin filing your 1099-MISC and 1099-NEC forms.

 

I'll be adding this handy article to gain more insights about 1099-NEC forms. It contains common questions on how to handle them properly in QBDT: When and how to file 1099 forms.

 

Also, you'll want to know how to access and print your other tax forms to save a copy for future use. Please refer to this article for the detailed steps: View and print payroll tax forms.

 

I'm always here if you have more questions about managing your payroll forms in QBDT. I'd be glad to hear more from you in the comment section. Take care and enjoy the rest of the day.

View solution in original post

4 Comments
MaryJoyD
QuickBooks Team

1099 nec.

I can share some info to ensure you can manage your 1099-NEC forms in QuickBooks Desktop (QBDT), @conniedusc.

 

After creating 1099-MISC, you'll need to repeat the steps for the 1099-NEC form. If you need to file both the 1099-MISC and 1099-NEC you will need to adjust your Chart of Accounts to ensure accounts are set up specifically for each form.

 

To create a new account to your Chart of Accounts to track the separate payments.

  1. Go to Lists, then select Chart of Accounts.
  2. From the Account dropdown, choose New to create a new account.
  3. Select an account type of Expense, Other Expense or COGS, then select Continue.
  4. Enter the Account Name and details such as DescriptionNote and Tax-line Mapping.
  5. Select Save & Close.
  6. Repeat this process for each new account to be reported on the 1099-NEC.

Move the payments to the new account:

 

You can choose to create a journal entry to move amounts to show in the newly created 1099-NEC accounts or you can edit existing payments to the new accounts.

 

To add a journal entry

  1. Go to Company and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Select Save & Close or Save & New if you have more entries to make.
  4. Repeat this process for each payment you need to move.

Edit existing contractor payments

  1. Select Vendors and then Vendor Center.
  2. Choose the vendor and locate the transactions you need to edit.
  3. Double-click to open the transaction to make your edits.
  4. After you have made the changes, select Save & Close.
  5. Repeat this process for each payment you need to change.

You can now run a 1099 Summary or 1099 Detail report to validate the changes to reflect the correct amounts in each account for both the 1099-NEC and the 1099-MISC.

  1. Go to Reports, then select Vendors & Payables.
  2. Choose either 1099 Summary or 1099 Detail.
    Note: Reports will default to the Last Calendar Year, so be sure the report is set up for the correct date range next to Dates at the top of the report.
  3. You should see the changes you made reflected.

Once these steps are completed, you are ready to begin filing your 1099-MISC and 1099-NEC forms.

 

I'll be adding this handy article to gain more insights about 1099-NEC forms. It contains common questions on how to handle them properly in QBDT: When and how to file 1099 forms.

 

Also, you'll want to know how to access and print your other tax forms to save a copy for future use. Please refer to this article for the detailed steps: View and print payroll tax forms.

 

I'm always here if you have more questions about managing your payroll forms in QBDT. I'd be glad to hear more from you in the comment section. Take care and enjoy the rest of the day.

View solution in original post

conniedusc
Level 1

1099 nec.

Thanks so much for the help.  I have gotten it figured out. 

PT11
Level 1

1099 nec.

I have paid cash to subcontractor. How do I show this on the 1099 list? I do not have an account for cash. I did journal entry and debited subcontractor expanse and credited owner distribution but do not know how to have this show on the 1099 for this sub.

Thank you.

Angelyn_T
QuickBooks Team

1099 nec.

I appreciate you for joining the thread, @PT11.

 

I can help you add the contractor's payment entered through a journal entry on your Federal 1099.

 

Once the account is used on your contractor's transaction, it will be added automatically under the Map vendor payment accounts section. All you need to do is map the payments to the 1099 boxes. 

 

If not, you can choose to display all of your accounts, then do the same thing with mapping. If you want to exclude an account/payment, select the Omit these payments from 1099 option.

 

I've added these screenshots for your visual references.

 

 

For additional resources when preparing your Federal 1099s, I recommend checking out the details from each link:

 

 

You can also review the topics from this article for more tips about year-end payroll and taxes: Year-end checklist for QuickBooks Desktop Payroll.

 

Please feel free to get back to me here for any additional questions with your Federal forms. I always have your back. Thanks for dropping in, and cheers for more success!

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