From the course: QuickBooks Pro 2020 Essential Training

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Set up 1099 forms

Set up 1099 forms - QuickBooks Pro Tutorial

From the course: QuickBooks Pro 2020 Essential Training

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Set up 1099 forms

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- [Instructor] A 1099 is a tax form that you need to file with your taxes, and also send to your vendors and consultants who you paid a certain amount of money to in the previous year. The IRS laws will tell you what the amount threshold is to which you have to send a 1099. For example, maybe you have to send a 1099 to any vendor or consultant to which you paid at least $600 or more during the previous year. With just a few things in place, QuickBooks can keep track of this for you. Here's what has to be in place to file and send your 1099s. Let's use our tasting parties as an example. Remember, I used the company Metalworks Presses to do all of our tasting parties. If I paid that consultant or office enough over the course of last year, then I need to send them a 1099. The first thing that needs to happen is that particular vendor needs to be marked as eligible to receive a 1099. I'll click Vendors to get into…

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