How to prepare 1098's in QBO

gstephenson · ‎January 28, 2021

Hello,

I need some assistance as to how I produce a 1098 form for interest paid to the private money lenders in QB online?

katherinejoyceO · ‎January 28, 2021

Thanks for posting your questions here in the Community. Currently, QuickBooks only supports W-2, W-3, 1099, and 1096 forms.

You'll want to export 1099 reports to Excel, then use any available tools online that can help you create 1098. Here's how:

Go to the Reports on the left menu.
Select the 1099 Transaction Detail report.
Select the Report period, then click Run report.
Click the Export icon, then select Export to Excel.
Click Save and select Save As to save the Excel 1099 Transaction Detail report.

Once done, you may also need to export your Vendor Contact List report.

I'd also suggest yoleu check out the IRS website for your concern related to Form 1098. Got to: IRS.gov/ Form1098. You can also visit https://www.irs.gov/instructions/i1098 for the instructions about Form 1098.

Feel free to visit again if you have additional questions. We're always around to help in any way we can. Have a nice day ahead.

View solution in original post

katherinejoyceO · ‎January 28, 2021

t mHi there, @gstephenson.

Thanks for posting your questions here in the Community. Currently, QuickBooks only supports W-2, W-3, 1099, and 1096 forms.

You'll want to export 1099 reports to Excel, then use any available tools online that can help you create 1098. Here's how:

Go to the Reports on the left menu.
Select the 1099 Transaction Detail report.
Select the Report period, then click Run report.
Click the Export icon, then select Export to Excel.
Click Save and select Save As to save the Excel 1099 Transaction Detail report.

Once done, you may also need to export your Vendor Contact List report.

I'd also suggest yoleu check out the IRS website for your concern related to Form 1098. Got to: IRS.gov/ Form1098. You can also visit https://www.irs.gov/instructions/i1098 for the instructions about Form 1098.

Feel free to visit again if you have additional questions. We're always around to help in any way we can. Have a nice day ahead.

gstephenson · ‎January 29, 2021

Hello,

When I pull this report QB says "This report does not contain any data."

But my vendors are properly in there and there payments are properly recorded.

MichelleBh · ‎January 29, 2021

Thanks for your response, @gstephenson.

I appreciate you for following the steps presented by my colleague above. I'm here to make sure you're able to run the 1099 Transaction Detail without any error.

The error means that you'll need to revision the categories/accounts to the boxes on the 1099 and save. Since you've already confirmed the payments, I'd suggest re-run the report using an incognito. A browser full of cache can sometimes hinder you from accessing the report.

You can use these different hotkeys:

Internet Explorer of Firefox: Ctrl + Shift + P.
Chrome: Ctrl + Shift + N.
Safari: Command + Shift + N.

For more information about categorizing accounts, visit this article: Assign accounts to 1099-MISC categories.

If it works, please go back to your regular browser and initiate to clear the cache and cookies to resolve unexpected behaviors. If the issue persists, you can use another supported browser as alternatives.

I've also added these articles below about handling payments, forms, and other topics.

Let me know how the troubleshooting goes by leaving a message underneath. I'm always here for you, ready to assist. Keep safe!

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How to prepare 1098's in QBO