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Mimi46
January 23, 2020
Question

How do I adjust a 1099 misc income figure

  • January 23, 2020
  • 2 replies
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2 replies

Ashley H
Ashley H
January 23, 2020

Good evening, @Mimi46. I'm here to guide you on how to make adjustments on 1099 in QuickBooks Desktop.

 

Before making any changes, I recommend reaching out to an accountant on this matter. We want your QuickBooks to match what's going to the IRS. An accountant can go through your books and see if there are any missing transactions, as well as having tools to fix any errors. 

 

You can follow these steps to prepare your 1099s:

  1. Go to Vendors, then Print/E-file 1099s.
  2. Choose 1099 Wizard then select Get Started.
    • Note: If you’re filing for New Jersey or Wisconsin, you'll see a pop-up message. 1099 forms filed in these states have special rules for boxes 16 and 17.
  3. Pick the vendors that need to form 1099-MISC and press Continue.
  4. Verify the vendor information is correct. You can edit any incorrect information by double-clicking on the section that needs updating.
  5. Under the drop-down in the Apply payments to this 1099 box section, locate the account you want to link the payment to and hit Continue.
    • Note: if you see a message in red stating your settings do not match the current IRS thresholds, select Show IRS 1099-MISC filing thresholds and choose Reset to IRS Thresholds.
  6. Review your payment information.
  7. Select View Included Payments and View Excluded Payments, then Continue.
  8. Review the vendors and amounts you're going to report.
  9. Choose whether to print 1099s or E-file.

Here's an article that provides more information on how to prepare and file 1099s with QuickBooks Desktop.

 

Let me know how this goes! If you have any more questions or concerns, please reach back out to me in the comments. Have a wonderful day!

BigRedConsulting
BigRedConsulting
January 25, 2020

There isn't a way to adjust the numbers on the form.  Instead, the only way to effect change is to change your underlying data, your payments to the vendor, so that they are reported correctly (either included or omitted as is appropriate.)

P
Patti0808
January 8, 2021

I did a mid-year computer converstion to QB.  How do I adjust the vendor information to include payments made in my previous accounting system to obtain the correct 1099 information?

R
Rasa-LilaM
January 8, 2021

Thanks for following this thread, Patti0808.


Welcome to the QuickBooks family. We’ll have to manually enter the transactions from your previous accounting system. Alternatively, use the IIF file to get the banking data into QuickBooks.


Let me guide you through the steps to add these entries. The process differs on the transaction type. For this one, I’m adding the instructions on how to write a check.


Here’s how:

 

  1. Press the Banking menu at the top bar to select Write Checks.
  2. From there, fill in the fields with the correct information.
  3. Make sure to enter the name of your 1099 vendor in the PAY TO THE ORDER OF box.
  4. Click Save & Close or Save & New to continue adding another check.

I've included a screenshot of how the entry should look like.


For bills, bill payments, and bank data, follow the recommended instructions in these articles.

 

Once done, let’s review your vendor’s information and make sure the Vendor eligible for 1099 is selected. This is to ensure you can seamlessly process the form.


Here’s how:

 

  1. Go to the Vendors menu to choose the Vendor Center.
  2. Tap the Vendors tab to view the complete list of suppliers.
  3. From there, double-click the name to view the profile.
  4. Hit the Tax Settings menu on the left panel and review the settings.
  5. Tick the box for Vendor eligible for 1099 if it’s not checked.
  6. Click OK to close the window.

For additional resources, the following articles provide an overview of how to add vendors for 1099. Also, you’ll see the complete instructions to file the tax form in QuickBooks.

 

Feel free to visit the Community again if you have any other QuickBooks concerns. I’m more than happy to answer them for you. Enjoy your day.

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