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Select Accounts Payable Reports menu > Form 1099 Tax Reporting.
This task is available only if the 1099 Reporting check box is selected and 1099 boxes are set up for the year entered in the Default 1099 Calendar Year field in Accounts Payable Options.
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Use Form 1099 Tax Reporting to electronically file and/or print 1099 forms. The 1099 forms are for governmental reporting of miscellaneous income (for example, prizes, bonuses, and payments made to non-employees), dividend income, and interest income paid by your company.
To specify whether 1099 forms are printed based on the minimum year-to-date payment amount for individual Form 1099 boxes, click Minimum YTD, and enter the amounts in the Minimum YTD Payment window. If an amount greater than zero is entered, 1099 forms are printed only for vendors with year-to-date payments greater than or equal to that amount.
The year-to-date (YTD) payment is printed in the appropriate boxes based on the form type and vendor type selected. The vendor type determines whether a tax ID number or a Social Security number is printed.
The eFiling system transfers federal and state forms electronically to the appropriate federal and state agencies by an approved method (including but not limited to fax or mail). To use this system, the online enrollment process must be completed as well as a signed authorization form from each company, taxpayer, or authorized representative of the company or taxpayer.
Consult your accountant if you have questions regarding the use of 1099 forms.
If you are prompted to install a an update, click Yes and then follow the on-screen instructions. You must install mandatory updates to continue processing, and you must install optional updates to maintain current forms and programs. Updates must be installed on each workstation. Administrative permissions in Windows is recommended to perform the update. On terminal server, all users must exit Form 1099 Tax Reporting, and updates must be run by a single-user session with administrative permissions.
Note You can run only one Tax Reporting task at a time on each workstation. This includes Form 1099 Tax Reporting and Federal and State Tax Reporting (accessed through the Payroll module).
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