You can save and close the 1099 Wizard at any time to make any changes needed in the Vendor or Chart of Account area(s). The steps on the screens that follow will allow you to review the information to make sure everything is included. Mapping the accounts can be done in the drop downs provided under each category. Go to the Vendors screen and choose Prepare 1099s. You will need to toggle between 1099 types to view each report. Run a 1099 Summary report to verify all the needed changes have been made. Click “you can do it here” on the line for Form 1099-NEC and Form 1099-MISC to map accounts.įor Form 1099-NEC, the accounts that were previously assigned to Box 7 Nonemployee Compensation need to now be assigned to NEC Box 1: Nonemployee Compensation.įor Form 1099-MISC, the applicable accounts other than those used for Nonemployee Compensation need to now be assigned.Note: the accounts shown are for example only – your accounts may differ in number and/or name. As a result, the account mapping in your QuickBooks file will need to be updated for the 1099 reports to be correct. The amount that used to be input in Box 7 Nonemployee Compensation on Form 1099-MISC is now reported on Box 1 Nonemployee Compensation on Form 1099-NEC. The IRS added an additional form to be used when filing 1099s for 2020 – Form 1099-NEC.
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