Key Points

Learn how to file Form 1099-NEC for contractors paid over $600 in 2022.
Step-by-step guide on collecting W-9 forms and entering contractor information in QuickBooks.
Tips for ensuring accurate payment amounts and filing 1099s through QuickBooks.

Introduction

In this video, Anthony Fontana, a CPA, explains how to file 1099 forms for contractors using QuickBooks. This is crucial for businesses that paid contractors over $600 in 2022. Watch the introduction.

Collecting Contractor Information

The first step is to gather the necessary information from contractors, specifically the W-9 form. This includes their name, Social Security Number (SSN) or Employer Identification Number (EIN), and address. If you haven't collected this information previously, you must do so to issue a 1099. Learn about W-9 forms.

Adding Contractors in QuickBooks

If you have collected the W-9, you can add contractors in QuickBooks by navigating to the expenses section and creating a new vendor. Make sure to track payments for 1099s. See how to add contractors.

Verifying Payment Amounts

Before filing, double-check the amounts paid to contractors by reviewing your profit and loss report. Ensure all payments are categorized correctly to avoid issues when filing. Check payment amounts.

Filing the 1099s

To file the 1099s, go to the payroll section in QuickBooks, select contractors, and prepare the 1099s. Ensure all contractor details are accurate before submitting. QuickBooks will e-file the forms and send copies to contractors. Start filing 1099s.