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Experienced Member

Get started with 1099s

Sometimes I write a check to the vendors LLC name (mycompanyLLC) and sometimes the check is written to the vendors name(John Doe). Do i need to fill out 1099 for payments to the vendor in his name?

5 Comments
QuickBooks Team

Re: Get started with 1099s

It's nice to have you here in the Community, NMFF.

 

I'm here to lend you a hand in preparing your 1099s for you vendors in QuickBooks Desktop.

 

Yes. you'll need to fill out 1099 for the vendor name as well. Let me show you how to prepare this in QuickBooks Desktop:

 

Before doing this, let's first turn on the 1099-MISC feature. 

 

Here's how:

  1. Select Edit and then Preferences on the Toolbar.
  2. From the left select Tax: 1099.
  3. Select the Company Preferences tab.
  4. Next to Do you file 1099-MISC forms? select Yes.
  5. Select OK to save the preference.

Once done you may proceed to Step 2 provided in this article. This will guide you on preparing 1099 in QuickBooks Desktop: Set up a 1099 vendor and print forms.

 

That's it. Stay in touch if you have any other questions about 1099s in QuickBooks. I'm always here to answer them for you.

Established Community Backer ***

Re: Get started with 1099s


@Charies_M wrote:

It's nice to have you here in the Community, NMFF.

 

I'm here to lend you a hand in preparing your 1099s for you vendors in QuickBooks Desktop.

 

Yes. you'll need to fill out 1099 for the vendor name as well. Let me show you how to prepare this in QuickBooks Desktop:

 

Before doing this, let's first turn on the 1099-MISC feature. 

 

Here's how:

  1. Select Edit and then Preferences on the Toolbar.
  2. From the left select Tax: 1099.
  3. Select the Company Preferences tab.
  4. Next to Do you file 1099-MISC forms? select Yes.
  5. Select OK to save the preference.

Once done you may proceed to Step 2 provided in this article. This will guide you on preparing 1099 in QuickBooks Desktop: Set up a 1099 vendor and print forms.

 

That's it. Stay in touch if you have any other questions about 1099s in QuickBooks. I'm always here to answer them for you.


AS WELL??

 

No, it does not matter who the check pay to is, if it goes to that company , it is reported on ONE 1099 for that company.

Established Community Backer ***

Re: Get started with 1099s


@NMFF wrote:

Sometimes I write a check to the vendors LLC name (mycompanyLLC) and sometimes the check is written to the vendors name(John Doe). Do i need to fill out 1099 for payments to the vendor in his name?


As long as the person and the company is the same business, then No, it does not matter who the check pay to is, if it goes to that company , it is reported on one 1099 for that company.

Experienced Member

Re: Get started with 1099s

my understanting is that llc's do not get 1099's

Established Community Backer ***

Re: Get started with 1099s

You don't report it for the LLC. You still report it for the Name. You can see this in my attachment.

 

Vendor Name, that field in QB, can even be "My Deadbeat Brother" because that Field is not used for the 1099-Misc Name data reporting.

@Charies_M

 

Please see my attachment and learn from the input here. The Company Name is optional.

 

@NMFF

 

You have a Tax ID for the LLC, but that does not control if they are subject to 1099-Misc reporting or not.

Make sure to always submit a W-9 to them. And many times, they get the answer wrong, but at least you have something on file that proves you followed their instructions, if the IRS comes asking, because the penalties are horrendous.

 

Specifically, the LLC filing on a Sched C is supposed to be reported via 1099-Misc for services, box 7. You always report the landlord in Box 1, unless that is a Professional Property Management Firm. You always report Medical, Box 6; if they are running as a corporation, you report the Corporation name, not an individual.

 

It helps to get and review a copy of the 1099 Instructions from the IRS.