QuickBooks 1099-INT: How to E-File and Print

QuickBooks customers can print and electronically submit 1099-INT forms by using 1099 Software. QuickBooks Accounting Software is excellent, cost-effective, and […]

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QuickBooks customers can print and electronically submit 1099-INT forms by using 1099 Software. QuickBooks Accounting Software is excellent, cost-effective, and simple to use. There are two options available for 1099 software: Compatible with Windows and Mac operating systems for e-filing or printing.

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Forms included in the 1099 program are 1099-MISC, 1099-INT, 1099-DIV, 1099-R, 1099-S, and 1099-NEC. You can print recipient copies of forms 1099-MISC and 1099-INT on blank paper before filing them. You must use pre-printed forms for the copies you submit to the IRS and the state. Print all forms, including 1099-R, 1099-S, and 1099-DIV, on pre-printed forms. Importing data from a preceding year will save you time. To file electronically using the IRS’s FIRE system, select the E-file version (requires prior registration with the IRS).

Enter your information on screens that are made to resemble the actual forms 1099 in order to reduce errors. The program is specifically made to manage countless recipients and countless companies.

Steps to E-file and Print QuickBooks 1099-INT

Below given are the steps to E-file and Print with the help of QuickBooks 1099-INT Software:

  • First, You have to open the W2 Mate program. In case, you don’t have the W2 mate program then you have to visit the 1099 software download website for downloading the W2 Mate program.
  • Ensure that the company from which you want to import forms 1099-INT is open and that QuickBooks is running.
  • Select Import Data in W2 Mate before (W2 and/or 1099 Data) from QuickBooks. The QuickBooks import wizard will open automatically.
  • You must connect to QuickBooks by following the steps displayed on-screen in front of you.
  • You can see on the screen that is, “Type of Data to Import and Tax Year”:
    • When asked what kind of data you want to import, choose “1099 Data.”
    • Select Form 1099-INT – Interest Income from the list of 1099 forms to which you want the information from QuickBooks to be mapped.
    • You must provide the 1099 box to which you want the financial amount to be allocated. Select one of the choices listed below:
      • In Box -1: Income from an interest in 1099-INT
      • In Box -2: Early withdrawal Penalty for 1099-INT
      • In Box -3: Interest on U.S. Savings Bonds and Treasury Obligations 1099-INT
      • In Box -4: Federal income tax withheld from 1099-INT
      • In Box -5: 1099-INT Expenses for Investments
      • In Box -6: Foreign Tax Paid in 1099-INT
      • In Box -7: Form 1099-INT, Tax-exempt interest
      • In Box -8: Specified private activity bond interest on 1099-INT
  • W2 Mate will read the QuickBooks 1099 data and display it in a spreadsheet layout. The 1099-INT boxes will appear in this view as they will when they are imported into W2 Mate. Before actually importing data into W2 Mate, you will have the opportunity to examine, amend, and rectify any information in this phase. Pay attention to the following.
  • When you’re ready, click the next button to start importing 1099-INT forms into W2 Mate.
  • Using the 1099-INT information in W2 Mate, you may go to the 1099 & 1098 recipients screen and look over the list of 1099-INT recipients.
  • Select 1099 &1098 forms when you’re ready to print QuickBooks 1099-INT forms. You can evaluate all 1099-INT boxes on this screen and print the required documents.

Importing of 1099-INT Data from QuickBooks Desktop

Follow the following steps to import 1099-INT data from QuickBooks:

  • First, You must ensure that the right company is open in W2 mate.
  • Navigate to the top menu and then click on the “Import Data” tab.
  • For opening the QuickBooks Import Wizard, you have to choose the “From QuickBooks (W2 and/or 1099 Data)” option. As you hit the option, the wizard will open in front of you.
  • Now, read the Message carefully and understand that you will need to have QuickBooks open and actively running.
  • Hit the “Next button” to move forward to the next page.
  • Select the “Connect to QuickBooks option on the next page. This will open a QuickBooks dialog box in front of you which asks you if you want to authorize W2 Mate to access the company information in QuickBooks.
  • Now, select the “Yes” button in order to confirm.
  • Checkmark the box so that it allows this application to access your personal data from the system.
  • Hit the “Continue” button.
  • Once the above step is completed successfully then you can Click the “Done” button.
  • Select the “Next” button.
  • Choose “Next”.
  • Now, you have to select 1099 Data.
  • From the drop-down menu of 1099 data, you have to select “Tax year”.
  • Now, you have to choose form 1099-INT from the drop-down menu.
  • You have to choose the correct 1099-INT box for monetary amounts from the drop-down menu.
  • Press the Next button.
  • Hit the OK button for confirmation.
  • Examine the import data that you want.
  • If you are done with the above step then press the next button.
  • Press Finish exiting as you have done successfully.

Importing of 1099-INT Data from QuickBooks Online

The steps to import 1099-INT data from QuickBooks online are:

Detail Report of Transaction 1099:

  • From the menu on the left, you have to select Reports.
  • Click on the 1099 Transaction Detail Report in the second step.
  • Now, Decide the period of reporting.
  • Press the Run Report button.
  • Now, Select the icon of Export from the menu.
  • Choose the option Export to Excel.
  • In order to save the excel 1099 Transaction Detail report you have to click Save and then choose Save As button.
  • Now, You have to select where you want to save the file.
  • Press the Save button.
  • Now, Exit the pop-up window which is displayed on the screen.

Contact list of vendor

  • Now from the left menu, You have to select Reports.
  • Select the Contact List of Vendor.
  • Click on the Settings Icon in order to do some changes in settings.
  • Choose the Vendor, Email, Account, Tax ID, Street, City, State, and Zip column selections from the list.
  • Now, Press the Export Icon.
  • Choose the Export to Excel button in order to start exporting data.
  • To save the excel vendor contact list, click “Save” and then choose “Save As.”
  • Pick the folder in which you wish to save the file.
  • Press Save.
  • At last, hit the exit pop-up window button in order to exit from the screen.

Creating of CSV file

  • Select the Vendor Contact List file which you saved earlier from QuickBooks Online by clicking Browse.
  • Now, Choose the file for the vendor contact list.
  • Once you choose the file, click on it in order to open it.
  • Select the 1099 Transaction Detail report saved file from QuickBooks Online by clicking “Browse.”
  • Choose the report file for the 1099 Transaction Detail.
  • Press the Open button.
  • To choose where to save the newly formed CSV file, click “Output Folder.”
  • Decide where you want to save the fresh CSV file.
  • Once you are done with the above step, Press the “OK” button.
  • Now, select the “Create File” option.
  • Press the OK button.
  • Now you can review the CSV file and make any necessary changes before re-saving it as a CSV file type.
  • You are now prepared to import the data from your 1099 into W2 Mate.

Opening of File in W2 Mate

  • First, You have to ensure that the correct company is open in W2 mate
  • From the top menu bar, you have to select Import Data.
  • Choose the right 1099 Form data which you want to import.
  • To choose the appropriate CSV file to import, click the Browse button.
  • Choose the CSV file produced by W2 Mate QuickBooks Online Helper.
  • You have to press the open button in order to open the file.
  • Now, Label each and every field.
  • Click the Import button.
  • Press the OK button.
  • Once you have executed the above steps, Press the Close button in order to exit from the screen.

Print of 1099-INT Form

The instructions which are needed to be followed by you so that you can print the 1099-INT Form are explained below:

  • Make sure the appropriate Company is open in W2 Mate.
  • Data from QuickBooks’ 1099-INT form has been loaded. Inside W2 Mate, examine the imported data.
  • From Shortcuts, select “1098 & 1099 Forms.
  • Press the Print button.
  • Choose the recipients from the list.
  • Choose the sort of copy to print in step two.
  • Select Print DATA only to print the data only on the preprinted IRS red form.
  • Press OK button
  • From the drop-down list, choose the appropriate printer that you are selecting.
  • Press OK and give the confirmation.
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Frequently Asked Questions (FAQs)

How can I File 1099-INT?

Visit IRS.gov/Form1099INT to access the most recent version. For each individual to whom you paid amounts reportable in boxes 1, 3, or 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business as stated in the instructions for Box 1), complete Form 1099-INT, Interest Income.

Is there a Need to File IBNT?

For each individual to whom you paid sums reportable in boxes 1, 3, and 8 of at least $10, submit a Form 1099-INT. Regardless of the payment’s size, you were required by the backup withholding regulations to withhold any federal income tax from the payer and refrain from refunding it.

Can I Preprint the 1099 Form?

IRS does not currently certify the replacement forms. On the red-ink forms, you must print 1099-NEC copies A and 1096. IRS modified the 1099-NEC form’s design. For this change, our software has been upgraded.

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