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Reports: 1099 Summary and 1099 Detail
The QuickBooks 1099 Summary and 1099 Detail reports can help you verify Form 1099-MISC information and whether you have set up your independent contractors correctly. Checking this information throughout the year might save you some headaches come tax time when you prepare and print your Forms 1099-MISC.
1099 Summary Report
The 1099 Summary report summarizes the cash outflows to each vendor for whom your company files a 1099-MISC form. If you think an amount is incorrect, double-click the amount to see a list of the transactions that make up the amount. Pay special attention to the Uncategorized column on the report, as these are your payments for accounts that are not set up for any 1099 box.
To create the 1099 Summary report:
Quick Tip: The report initially shows only the vendors specified as 1099 vendors. To list all vendors in the report, regardless of their 1099 status, choose All Vendors from the drop-down list in the report buttonbar.
Quick Tip: The report also initially shows only amounts that are above the 1099 thresholds set by the federal government. To include amounts below the thresholds, choose Ignore Thresholds from the drop-down list in the report buttonbar.
1099 Detail Report
This report also helps you verify the information that QuickBooks prints on the 1099-MISC tax form. It provides more detail than the 1099 Summary report.
To create the 1099 Detail report:
For each vendor, the report lists the individual transactions that contribute to the vendor's 1099 total. The totals themselves appear in the Balance column.
Quick Tip: The report initially shows only the vendors specified as 1099 vendors. To list all vendors in the report, regardless of their 1099 status, choose All Vendors from the 1099 Options drop-down list in the report buttonbar.
Quick Tip: Likewise, the report initially shows only transactions assigned to 1099 accounts. To list transactions that may have been assigned erroneously to non-1099 accounts, choose All Allowed Accounts from the 1099 Options drop-down list in the report buttonbar.
To go directly to one of the transactions listed, double-click the transaction.
Using the 1099 Reports
If you've set up your 1099 accounts and vendors, but your reports don't show you the information you're expecting, here are some ways to troubleshoot the problems.
To verify that all your independent contractors are correctly set up:
To verify that your accounts are correctly mapped to your 1099 categories:
If your vendor is properly set up and still doesn't appear on your report:
Note: The 1099 Summary report covers actual payments (checks and bill payments) made during the year, regardless of the original date of the vendor's bill.
The information contained in the QuickBooks Payroll Bulletin is meant to provide general information about the payroll process and is not intended to provide tax or legal advice. Always consult your tax professional when preparing tax documents.
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