QuickBooks for Mac 2014 User’s Guide 250
1099 preferences
See 1099 preferences to set up to track the amounts you report on 1099-MISC and 1096 tax forms. For each
category on the 1099-MISC form, you can associate one or more of your QuickBooks accounts. If a threshold
amount is no longer valid for a particular 1099 category, you can change the amount.
To set up 1099 preferences:
1 Choose QuickBooks > Preferences.
2 On the Preferences pane, select 1099s.
3 Set the preferences described below.
4 Close Preferences.
Use 1099 preferences to set up to track the amounts you report on 1099-MISC and 1096 tax forms. For each
category on the 1099-MISC form, you can associate one or more of your QuickBooks accounts. If a threshold
amount is no longer valid for a particular 1099 category, you can change the amount.
To associate accounts with a category:
1 Make sure that the “1099-MISC forms are filed” checkbox is selected.
2 In the Account column, click the line that corresponds to the category with which you want to
associate accounts.
3 In the list that appears, select the account you have been using to track that type of 1099 payment
to your vendors. (If you have been using more than one account, click Selected and then click,
individually, the name of each account.)
The accounts you select should be the same accounts you use to track payments related to your 1099
vendors. Typically, the accounts will be expense accounts. You can also associate a liability account or
another current asset account with a 1099 category.
Assigning a threshold
Enter the new amount in the Threshold column. The threshold amount is the minimum amount you must report to
the IRS. The amounts QuickBooks displays are correct as of the date your copy of QuickBooks was manufactured.
When the IRS changes a threshold amount, you must enter the new amount yourself — QuickBooks cannot
update the amount for you. To get the latest threshold information, go to the IRS website and search for a copy of
'Instructions for Forms 1099, 1098, 5498, and W-2G'. If you turn off 1099 tracking, QuickBooks removes all menu
items and options related to 1099s. You will not be able to print 1099-MISC forms, create 1099 reports, or indicate
that a 1099 form must be filed for a vendor. QuickBooks retains all 1099-related data, however.
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