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1099 wizard in quickbooks 2020 how to#

If any boxes are gray, they are mapped to the other 1099 form. Then, let's map the accounts into the non-employee compensation box in the 1099-NEC in QuickBooks Desktop for Mac. We can also re-sort your chart of accounts to fix the odd behavior and makes your lists go back to their default order.

1099 wizard in quickbooks 2020 how to#

For more details, check out Step 4: Move the payments to the new account outlined in the How to modify your chart of accounts for your 1099-MISC and 1099-NEC filing article. Then, create a journal entry to move amounts to show in the newly created 1099-NEC accounts or you can edit existing payments to the new accounts. Then, follow the same process for each new account to report on the 1099-NEC. Enter the Account Name and details such as Description, Note, and Tax-line Mapping.

Choose an account type of Expense, Other Expense, or COGS, then click Continue.

Click the Account dropdown, then choose New to create a new account.

Go to the Lists menu, then choose Chart of Accounts.

This helps us track the payment separately. We'll need to adjust or change the mapping of your chart of accounts to ensure each form has accounts set up specifically for it. They revised Form 1099-MISC and rearranged box numbers for reporting certain income. The IRS has separated nonemployee compensation onto a new form called the 1099-NEC for the tax year 2020. Let me provide some details about mapping accounts into the non-employee compensation box in the 1099-NEC setup wizard, Mcutrona.