1099 Electronic File (e-File) Records

1099 Electronic File (e-File) Records

In this post I will talk about the records that exist inside an e-file submission generated by a 1099 software.

Transmitter “T” Record
This record identifies the entity transmitting the electronic file and contains information which is critical if it is necessary for IRS to contact the filer. The “T” Record is the first record on each file and is followed by a Payer “A” Record.

Payer “A” Record
This record identifies the person making payments such as a recipient of mortgage or student loan interest payments. The payer will be held responsible for the completeness, accuracy, and timely submission of electronic media files.

Payee “B” Record
This record contains the payment information from the information returns such as 1099-MISC.

End of Payer “C” Record
This record consists of the total number of payees and the totals of the payment amount fields filed for each payer and/or particular type of return.

End of Transmission “F” Record
This record is a summary of the number of payers in the entire file.

To download a 1099 software and see how an eFiling submission looks like, visit this page:http://www.realtaxtools.com/download.html

Good Luck!
Rob

1099 Software and E-Filing 1099 Forms

1099 Software and E-Filing 1099 Forms

In this post I will be talking about efiling 1099 forms using a 1099 tax software that supports this feature.

• Start by running the 1099 software program.
• Open the company that you want create the e-File submission for.
• From the menu click E-Filing and then select the type of 1099 form that you want to file, say for example 1099-MISC.
• Populate the following fields:

1. Transmitter Name Line 1
2. Transmitter Name Line 2
3. TIN.
4. TCC.
5. Company Name Line 1
6. Company Name Line 2
7. Company Address.
8. City
9. State
10. Zip Code.
11. Whether the file type is test or not.
12. Output file name
    

Click OK.

The 1099 e-Filing software will now generate a file that can be sent to the IRS. All electronic filing of information returns are received at the IRS via the the Filing Information Returns Electronically System (FIRE). To connect to the FIRE System, go to http://fire.irs.gov/. The system is designed to support the electronic filing of information returns only.
Good Luck!
Rob

Importing 1099 Forms Data to 1099 Software

Importing 1099 Forms Data to 1099 Software

In this post I will be talking about importing 1099 Data to 1099 software.

• Start the 1099 software by clicking the shortcut on the desktop.
• Click on “Import Data” from the menu.
• Select 1099-MISC Forms.
• Set the separator Options.
• Select the input CSV file to import from.
• Select Fields inside 1099 software
  Recipient's Identification number
  Recipient's Name (Line One)
  Recipient's Name (Line Two)
  Recipient's Address1
  Recipient's Address2
  Recipient's City
  Recipient's State
  Recipient's Zip Code
  Account Number
  Box 1 (Rents)
  Box 2 (Royalties)
  Box 3 (Other income)
  Box 4 (Federal income tax withheld)
  Box 5 (Fishing boat proceeds)
  Box 6 (Medical and health care payments)
  Box 7 (Nonemployee compensation)
  Box 8 (Substitute payments in lieu of dividends or interest)
  Box 9 (Payer made direct sales of $5000 or more...)
  Box 10 (Crop insurance proceeds)
  Box 13 (Excess golden parachute payments)
  Box 14 (Gross proceeds paid to an attorney)
  Box 15a (Section 409A deferrals)
  Box 15b (Section 409A income)
  Box 16 (State tax withheld) Line 1
  Box 17 (State/Payer's state no.) Line 1
  Box 18 (State income) Line 1
  Box 16 (State tax withheld) Line 2
  Box 17 (State/Payer's state no.) Line 2
  Box 18 (State income) Line 2
  2nd TIN not.
  
• Click on the import button.
• Review the information inside the 1099 Software
• Congratulations, the 1099 forms import is complete.
  

Rob

1099 Software and Printing 1099-DIV Forms

1099 Software and Printing 1099-DIV Forms

How to use 1099 Software to print 1099-DIV Forms?

Follow these steps inside your 1099 Software to print 1099-DIV Forms:

Start your 1099 Software: you could do that by clicking on the “W2 Mate” shortcut on your desktop.
Select Company-Open from the File Menu.
Click 1099 Recipients.
Make sure to enter the information for each 1099 Recipient.
Click on the 1099 Forms Tab.
Click on Select under “1099 Form Type” .
In the dialog that comes up make sure to select “Form 1099-DIV”
Populate the 1099 information for each Recipient.
Click Save.
Click on “Print” inside the 1099 software
In the dialog that comes up:

If you want to print a copy of 1099-DIV form then select the type of Copy, you have one of these options:

Copy 1 for State.
Copy B for recipient.
Copy 2 to be filed with recipient’s state income tax
Copy C for Payer

If you want to print data on a red-ink laser 1099 Form then select the second option.

In the coming post, we will talk about using 1099 tax software to create e-filing submissions for 1099-DIV forms.

Good Luck!

Rob

1099 Software, deadline for 1099-MISC forms.

What is the deadline for 1099-MISC forms?

One common question that I get is about the deadline for 1099-MISC forms. Before answering this question, let’s first talk briefly about form 1099-MISC:

File Form 1099-MISC for each person to whom you have paid during the year:

·Any fishing boat proceeds
·Gross proceeds to an attorney.
·At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
·At least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate

Deadline for 1099 forms for tax year 2008:

·Copies B and 2 of 1099-MISC forms: Send these copies to the recipient by January 31, 2008. For a definition for a recipient, please see the introduction above.

·Copy A of 1099-MISC Form: Send this copy to the IRS by February 29, 2008. The due date is extended to March 31, 2008 if you file electronically.

·Copy 1 of 1099-MISC Form: Send this copy to the state tax revenue bureau of the recipient's home state by February 29, 2008 if the recipient's home state has a state income tax.


You can use a 1099 Software to print all these forms. One such great and reasonably priced software is W2 Mate. You can download a free 1099 Software demo here:

http://www.realtaxtools.com/download.html

Good Luck!

Rob

1099 Software Features

In this post I would like to talk about the main features of a good 1099 software.

• Print 1099 Forms on Blank Paper.
• Print 1099 data to Preprinted Laser Forms.
• Print to continuous forms.
• Import and export 1099 information (Recipient and other information).
• User authentication.
• Backup and restore data.
• Support for multiple filers.
• Automatic Software Updates.
• Automatically create and print 1096 forms.
  

I will discuss additional features of a serious 1099 software in future posts.


Rob

This is my new blog !

Well I will try to allocate 10 minutes daily for this blog to talk about anything related to 1099 forms including 1099 software, regulations, websites and so on.
I hope you will find the info posted here useful.