how to fill Form 1099-S
how to fill Form 1099-S
Get

how to fill Form 1099-S

Get Form

Video instructions and help with filling out and completing how to fill Form 1099-S

Instructions and Help about how to fill Form 1099-S

All right welcome everybody my name is Doug and this is webinar Steiner business solutions is putting on a guide to 1099s and explain a little bit what they're for who has to file them who doesn't and then they go into how you can actually file them through QuickBooks so there's a list of structural stuff and basic general knowledge about the 1099 themselves but I'm also the knight billions of the QuickBooks there's a lot of different ways to file them what QuickBooks is one way you can actually print them right out of there and if you're already doing the bookkeeping in QuickBooks and that makes it really simple for you so let's go ahead and pull up a 1099 here alright so the purpose of a 1099 form is basically for companies to report what they've paid to other subcontractors but other individuals or companies that subcontracted services to and this is basically a double check for the IRS to make sure that those companies are reporting their income so similar to the w2 how the w2's are sent off for employees of companies this is what you do in pretendin as you do these four sub contractors subcontractors can then use these 1099 to help repair their own personal tax returns and like I said you're sending copies of these to dial s as well so the IRS and old what you've paid them subs basically the rules are this these are who would qualify for a 1099 if you're looking at your vendors at least $10 and oil teams will pay to them broker payments in lieu of dividends or tax-exempt interest not one that's used a lot these are used a little bit more at least if you paid your vendor at least six hundred dollars in rents that's a very important one services performed by some who's not an employee again that could be a business or it could be an individual prizes and awards now there's an other income payment category which includes a bunch of little things of nineties very much another one in medical and health care payments now this is not health care premiums these are the payments directly to doctors physician offices hospitals that kind of thing for specific services not for insurance health insurance premiums over six hundred dollars in crop insurance proceeds and another one not used very much cash payments or fish another one not used for it much and finally payments to an attorney so if you paid an attorney over six hundred dollars you need to file a ten on the line for them so that's if you have any of those if any of the vendors paid $600 or more to the year if fall into one of those categories you're probably going to have to deal with 1099 for them now let's go over some exclusions to those examples generally a payment to a corporation which would include an

Get Form