The IRS requires you to exclude any payments you made by credit card, debit card, gift card or third-party payment network such as PayPal from Form 1099-MISC.
These payments are being reported by the card issuers and third-party payment networks on Form 1099-K.
Here are some helpful tips on using the QuickBooks® 1099 Wizard:
- If you haven’t already reviewed your vendors, see this Blog Article
- First make sure that you are in Single User Mode
- Access the 1099 Wizard (Vendors > Print/E-file 1099s > 1099 Wizard)
- Step 1 – select (Confirm selection of) your vendors
- Step 2 – confirm that you don’t have any missing information (highlighted with a red box)
- Step 3 – confirm that all expense accounts, where you post payments, are mapped to the correct 1099 boxes
- Step 4 – on the Review payments for exclusions page of the QuickBooks 1099 Wizard :
- Click View Included Payments and QuickBooks shows you all the vendor payments being included on Forms 1099-MISC. Review the list to be sure there are no payments made using credit cards, debit cards, gift cards, or PayPal. If you find any payments that should be excluded from Forms 1099-MISC, edit the check number field to include one of the notations that QuickBooks recognizes.
- Click View Excluded Payments and QuickBooks shows you all the vendor payments being automatically excluded from Forms 1099-MISC. Review the list to be sure there are no payments that should be included
- Step 5 – allows you to confirm the amounts to be reported prior to printing or eFiling the forms.
As always, if you need assistance with printing your companies 1099’s for 2015, we would be happy to assist. Give us a call at 760-722-6839 or email us: info@AdvantEdgeOnline.com
For additional 1099 Wizard instructions from Intuit: click here