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January 30, 2019
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How do I prepare 1099 INT?

  • January 30, 2019
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Hi there, @steve12.

 

Thanks for visiting the US Community. I'd like to help share some insights about processing 1099-INT in QuickBooks Online.

 

At this time, QBO only supports the preparing and filing of the 1099-MISC form. Having the ability to process the 1099-INT form would be a great addition to our features. I'd suggest sending a product suggestion to our Development Team so they can consider adding the form in the future updates.

 

I'm also going to prepare a feedback report to send it to the appropriate channels. 

 

That said, you can send your suggestion directly to this link: https://feedback.qbo.intuit.com/forums/168199-quickbooks-online-feature-requests/suggestions/6925785-1099-int.

 

Please let me know if you need assistance with something else. I'm always glad to help. Have a nice day.

2 replies

Answer
January 30, 2019

Hi there, @steve12.

 

Thanks for visiting the US Community. I'd like to help share some insights about processing 1099-INT in QuickBooks Online.

 

At this time, QBO only supports the preparing and filing of the 1099-MISC form. Having the ability to process the 1099-INT form would be a great addition to our features. I'd suggest sending a product suggestion to our Development Team so they can consider adding the form in the future updates.

 

I'm also going to prepare a feedback report to send it to the appropriate channels. 

 

That said, you can send your suggestion directly to this link: https://feedback.qbo.intuit.com/forums/168199-quickbooks-online-feature-requests/suggestions/6925785-1099-int.

 

Please let me know if you need assistance with something else. I'm always glad to help. Have a nice day.

January 13, 2021

They have closed the suggestion board.

john-pero
February 5, 2020

You can "trick" the system and prepare 1099-INT as I have done most recently.

 

The Box 2 Royalties on a 1099-MISC lines up with the Box 1 Interest Income on 1099-INT so the trick is to map the interest receiving vendors Interest Expense to Box 2 for Royalties.

 

Since you can selectively print vendors you can thus prepare 1099-INT.  What you cannot do is efile these through QuickBooks or properly print the required 1096 to go along with them since QB will check the MISC box for type being filed.  But there again is a trick to do this.   Print your 1096 for the 1099-INT on blank paper. Cut off bottom of page that includes the checkmark. Place in your copier and copy onto the approved red IRS 1096 (The IRS ONLY accepts preprinted red 1096 and will hit you with a penalty if you print on plain paper with red ink), then check the appropriate box.  You may need to practice aligning the form to get t it right. We have until 2/29 to submit 1099-INT to IRS although recipients still needed theirs same as the MISC.

 

And did everyone know that for 2020 Non-employee compensation (current Box 7 on 1099-MISC) gets a brand new form? 1099-NEC which is for only one type of payment n(meaning those whom we pay NEC as well as rent will get two forms instead of one) but it does include boxes for state amounts - including any state income tax withholding as deemed appropriate by certain states. (my state will still probably not accept the federal 1096)20201099NECpdf 

January 20, 2021

This is a great tip!  Saved me a whole lot of time!!

 

Thank you!

 

Juli Weidle