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neve-maziquebian
Feb 12, 2020 6:46 AM UTC
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If I paid vendors in 2019 via Venmo, Cashapp, and Zelle (3rd party money transfer service through Boeing Employees Credit Union), do I need to file 1099s?

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MaryLandT
MaryLandTAnswer
Feb 12, 2020 7:42 AM UTC

Hi there, neve-maziquebian,

 

In QuickBooks Online, you don't need to file 1099 for vendor payments made via third-party money transfer service. Venmo, Cashapp, and Zelle can file 1099s for you. I recommend contacting them so they can help prepare these forms.

 

You can also refer to this article for more details: IRS Reporting Requirements for Third-party Vendor Payments on 1099-K/1099-MISC. 

 

Let me know if you have follow-up questions, and I'm always around to help you out.

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12 replies

MaryLandT
MaryLandTAnswer
Feb 12, 2020 7:42 AM UTC

Hi there, neve-maziquebian,

 

In QuickBooks Online, you don't need to file 1099 for vendor payments made via third-party money transfer service. Venmo, Cashapp, and Zelle can file 1099s for you. I recommend contacting them so they can help prepare these forms.

 

You can also refer to this article for more details: IRS Reporting Requirements for Third-party Vendor Payments on 1099-K/1099-MISC. 

 

Let me know if you have follow-up questions, and I'm always around to help you out.

    BethPinCa
    Jan 25, 2022 5:19 PM UTC

    When you pay a vendor with e-payments, Quickbooks Online still adds those payments to the 1009. Even if you change the payment method to Venmo. Should I change it to Credit Card?

    Mich_S
    Jan 25, 2022 6:29 PM UTC

    Good day, @BethPinCa.

     

    Certain contractor payments are required by the IRS to be reported on the 1099-K form rather than the 1099-MISC and 1099-NEC forms. Third-party payment processors, such as Venmo and credit card processors, are required to file.

     

    If you have any queries about payments that are subject to the third-party payment processing to be excluded, you can visit the IRS website or contact them directly. Use this article on what payments are excluded from a 1099-NEC and 1099-MISC for more information.

     

    To know more on how you can handle 1099s in QBO, check this out:

     

    Keep in touch for more questions regarding 1099 or QuickBooks. We're always here to back you up. Have a great rest of the week!

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