If the Issue 1099 checkbox has been selected for the account, select the type of 1099 in the Default 1099 box field. The Current 1099 tab will accumulate amounts as invoices are processed to be reported at the end of the calendar year.
Using the Default 1099 Box, select the applicable 1099 for this AP Vendor from the drop down list.
1099 Misc- 1099 Misc – A 1099 is required if at least $600 will be paid to an AP Vendor for any of the income types captured during invoice entry. This may include
- Rents
- Royalties
- Other Income- prizes and awards or other income payments
- Federal Tax
- Fishing Boat- fishing boat proceeds
- Medical- medical and health care payments
- NonEmp Comp- Non Employee Compensation
- Sub. Div/Int
- Crop Insurance- crop insurance proceeds
- Attorney Fees- gross proceeds of $600 or more paid to an attorney
- State Tax
1099 Int- For each person to whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 or at least $600 of interest paid as described in the instructions for Box 1. Interest Income for whom you withheld and paid any foreign tax on interest, or from whom you withheld (and did not refund) any federal income tax under the backup withholding rules regardless of the amount of the payment.
In the 1099 Div section, if the Stockholder checkbox has been selected on the AP Vendor, this accumulator becomes active.
Use the 1099 NEC section to record Non-employee Compensation.