A Step-By-Step Guide To Use QuickBooks 1099 Wizard

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A Step-By-Step Guide To Use QuickBooks 1099 Wizard

• QuickBooks 1099 Wizard is a tool in QuickBooks
  that allows you to prepare and file your federal
  1099s with QuickBooks Desktop. The 1099s are
  prepared from the info you already have in your
  accounts. 1099s are basic tax forms that you need
  to file with the IRS when you pay contractors in
  cash, check or direct deposit. You can choose to
  file your forms online or print and mail them to
  the IRS. For your contractors, you can email
  copies or mail them printed copies of 1099. After
  reading this blog, youll know the step-by-step
  process of how to file the 1099s using the 1099
  wizard tool.

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Steps For 1099 E File Service

• You need to undergo or undertake specific steps
  to use this tool correctly. Not following the
  steps can also lead to more problems and issues
  down the line. To get the most out of this tool,
  its best you implement all the measures given
  below carefully

1. Firstly, you need to file 1099 if you paid a
   vendor or a contractor 600 or more in cash,
   check, or direct deposit during the previous
   year. Exclude any electronic payments. Remember,
   1099s are due to the IRS and your contractors by
   February 1, 2021.
2. You may need to file 1099-NEC and 1099-MISC if
   you have made multiple types of cash payments to
   contractors. You can adjust your accounts to
   track these types of payments individually.
3. Now, you can update QuickBooks to the latest
   version.
4. To create 1099s, you can move to the Vendors and
   then choose 1099 Forms. Now, Print/E-File 1099
   Forms.
5. Create a backup.
6. Choose Get Started for the 1099 form you wish to
   create.

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7. Now, check if the vendor information is
accurate. You can edit any incorrect information
by double-clicking on the data that requires
updating. Choose Continue. 8. Now, map the vendor
payment accounts. Move to the drop-down in the
Apply Payments To The 1099 Box section. Now,
choose the account you wish to link to. Grey
boxes indicate that you are mapped to the other
1099 form. Choose Continue. 9. You can review
your payment information for exclusions. Now,
choose View Included Payments or View Excluded
Payments to see the detailed reports. Choose
Continue. 10. Now, review the vendors and the
amounts you wish to report. Choose Continue.
Choose View Summary Report if you want to see the
vendors who dont meet the IRS threshold. 11.
Finally, choose whether to print 1099s or e-file.
Now, if you choose 1099, your next step is to
import your data into Tax 1099. You can do so by
clicking on the select E-File button. 12. You can
take certain steps to e-file and check your
filing status to finish the process finally.
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Conclusion
QuickBooks 1099 Wizard is an easy-to-use tool to
file 1099 online. Make sure to implement all the
measures mentioned in this blog correctly. This
tool can really ease your accounting needs, if
you can implement the steps correctly.
If you need any tech assistance or support, you
can contact the Team of QuickBooks Professionals
at (1-855-948-3646).