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How do I create Form 1099-NEC

Views: 480 Created: 2020-02-06 09:04 Last Updated: 2020-03-04 07:53

SYMPTOM

How do I create Form 1099-NEC?

RESOLUTION 

Procedure 1 (Creating Form 1099-NEC)

  1. Click on the Payer List button.
  2. Double click on the payer name.
  3. Highlight the recipient to add the form to.
  4. Click on the Add Form button.
  5. Choose 1099-NEC from the Form Type drop down menu.
  6. Fill in the necessary fields on the form:
    • Return Information Tab:
      • Corrected: Check if this box applies.
      • State 1/Payer’s state no.:  Enter state abbreviation.  Enter payer's state number.
      • State 2/Payer’s state no.:  Enter state abbreviation.  Enter payer's state number. 
      • Account Number:  A number assigned to recipient by the payer.  This field is optional except for the following cases:
        • The recipient has multiple returns for the same return type.
        • The returns are filed using the E-file Center.
        • The “FATCA filing requirement” box is checked.
      • FATCA filing requirement:  Check this box if the payer is filing Form 1099-NEC to satisfy a chapter 4 account reporting requirement. 
      • 2nd TIN Notice:  Check this box if notified by the IRS twice within 3 calendar years that the recipient provided an incorrect TIN.
    • Transaction Summary/Dollar Amounts Tab:
      • Nonemployee compensation:  Enter nonemployee compensation of $600 or more.
      • Federal income tax withheld:  Enter backup withholding.
      • State tax withheld (1):  Enter state income tax withheld.
      • State tax withheld (2):  Enter state income tax withheld.
      • State income (1):  Enter state income.
      • State income (2):  Enter state income.
  7. Click Save.

APPLIES TO

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