With the changes that occurred in tax year 2011, 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:
- On the Review payments for exclusions page of the QuickBooks 1099 Wizard (Vendors > Print/E-file 1099s):
- 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 four of the Wizard also includes information about Payment Exclusions
As always, if you need assistance with printing your companies 1099’s for 2013, 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