Can I have more than one type of 1099-MISC income for the same vendor ID?
Yes. In Costpoint versions 3.0A and later, a vendor can have more than one type of 1099-MISC income. The 1099-MISC types supported are: Rents, Royalties, Other Income, Federal income tax withheld, Fishing boat proceeds, Medical and health care payments, Non-employee compensation, Substitute payments in lieu of dividends or interest, Payer made direct sales of $5,000 or more of consumer products to a buyer (recipient) for resale, and Crop insurance proceeds.
I posted a voucher with taxable income that wasn't flagged as 1099 income for the vendor.
Edit the amount of 1099 income in the Edit 1099 Information screen. If the line did not contain information in the 1099 Type field, the 1099 creation program passed over it. Use the Edit 1099 Information screen to find the correct vendor and cash organization combination, and add the correcting amount to the line.
You can also go to the Maintain Vendors screen (1099s subtask) and make sure that the Print 1099-MISC Form checkbox is selected. If you find any vendors that have voucher lines with the wrong 1099 flag, edit the 1099 column. Then you will need to recreate 1099 information (via the Create 1099 Information screen) for those vendors before you review their 1099 information.
Will voucher lines include sales tax with 1099 income?
1099s created from PO vouchers will include any tax from the PO voucher lines. To file the correct amount for PO voucher vendors, subtract any tax amounts from the PO voucher total. 1099s created from AP vouchers will NOT include any tax from the AP voucher lines.
I have a vendor with two different vendor IDs. Taxable income was recorded for both IDs, but I want to send the vendor only one 1099.
Create 1099 information for both vendor IDs. In the Edit 1099 Information screen, give the total amount of 1099 income for both vendor IDs to one vendor ID, and change the other's amount to zero. The system will not print a 1099 for the vendor ID with zero 1099 amounts.
The creation program did not create information for a vendor who received 1099 income.
You may not have selected the vendor's Print 1099-MISC Form checkbox. To add information for a missing vendor or vendors:
Select the Print 1099-MISC Form checkbox in the 1099s subtask of the Maintain Vendors screen and select a 1099-MISC type for the vendor.
Then use the Create 1099 Information screen to create information for that vendor (select "One" as your Range Option) or a range of missing vendors (select "Range" as your Range Option).
After you create 1099 information for the missing vendor(s), edit it in the Edit 1099 Information screen. You may need to edit the Maintain Vendor History screen for each voucher to ensure that 1099 lines have been flagged properly.
I selected the Print 1099-MISC Form checkbox in the 1099s subtask of the Maintain Vendors screen for all my 1099 vendors and selected a 1099-MISC type, but vendors are still missing.
The cash organizations from which the vendors were paid might be linked to the incorrect company. The first step in the creation process is to identify which organizations belong to the companies you selected. Then the system identifies which of these are cash organizations (i.e., organizations from which vendors are paid). It uses these cash organizations to sum up check payments and to identify pay vendors. Therefore, if an organization is not correctly mapped to a company, the creation process for a vendor paid from that organization cannot begin. You can correct this in the Maintain Org Elements screen in Costpoint General Ledger. After you enter the correct company ID in that screen, recreate 1099 information for that company and the range of pay vendors that was missing.
I made payments on the same voucher in two different years. How will this affect the vendor's 1099 income?
When you create 1099 information, the system totals the amount of all the voucher lines designated as 1099 income, subtracts any payments on these vouchers made in prior years, and compares that amount to the total amount of payments for the current year. If the amount of taxable income is less than the total of all current year payments, the system uses the total taxable income as 1099 income. If the payment amount is less than the taxable amount, the system uses the payment amount as 1099 income. (See the documentation for the Create 1099 Information screen for an in-depth explanation and examples of how the system calculates 1099 income.)
I'm printing 1099s using a laser printer. The forms don't have carbon copies.
Laser printers will not print carbon copies. To print the three copies required by the government, you will have to print 1099s three times using identical selection criteria.
Can I print 1099s for future years using this Print program?
Costpoint supports only the current-year 1099 format. Because the format of the 1099 may change in future years, we recommend that you use this program only for current-year 1099 information. Costpoint will make yearly updates to these programs to keep them accurate for the current year. These yearly updates are usually shipped in December.
I want to print 1099s for a range of companies.
Will the Print 1099s program automatically begin each new company on a
separate sheet of
1099s?
No. To begin a different company on a separate sheet of 1099s, you must print 1099s for only one company at a time. Choose a Range Option of "One" from the Select Taxable Entity group box in the Print 1099s/Create Magnetic Media screen.
Does the Print 1099s program check the Void or Corrected box on the 1099 if the 1099 is blank or if the 1099 is corrected?
No. You will have to manually check these boxes.
I have to file a 1096, but I missed the final 1099 count and total amount.
After printing 1099s, the system displays on the screen the number of 1099s printed and the grand total of the 1099 amounts. If you miss this message, print 1099s again using the same parameters, this time to a text file. At the end of the run, note the final count and amount, and then delete that text file.
I want to create magnetic media files for more than one company.
You can create magnetic media for only one company at a time, but you can run the process as many times as necessary. However, because the creation process assigns the same file name to every magnetic media file created, you must use a separate diskette for each company, or you will have to copy the file to a different directory before creating the next magnetic media file. The creation process saves the magnetic media file in the location from which you started Windows (usually the Windows subdirectory).
While creating magnetic media, I received an error message that the Company Tax ID was incorrect. What should I do?
Company tax IDs must contain exactly nine numeric digits (the system automatically removes all dashes). Correct the company's tax ID in the Set Up Company Info screen in Costpoint General Ledger, and recreate the magnetic media file.
While creating magnetic media, I received an error message that the Vendor Tax ID was incorrect. What should I do?
Vendor tax IDs must contain exactly nine numeric digits (the system automatically removes all dashes). If the pay vendor's tax ID is incorrect, the system will give you an error message, but will not stop the creation process. The system does not include the vendor's 1099 information in the file. Correct the vendor's tax ID in the Edit 1099 Information screen, and then recreate the magnetic media file. To avoid this problem in the future, you should change the vendor's tax ID using the 1099s subtask in the Maintain Vendors screen.
What will the magnetic media file be called? Can I submit the file to the IRS using this filename?
The system creates a file called MAG1099.YY, where "YY" stands for the last two digits of the year. Therefore, your magnetic media file for 2003 1099 information will be called MAG1099.03. However, since the IRS requires a special filename for 1099 magnetic media files, you will have to rename this file before submitting it to the IRS. For filing 2003 information, the required IRS filename is "IRSTAX."
I made a change to one 1099. Do I have to recreate the magnetic media file?
Yes. The only way to change the magnetic media file in Costpoint is to recreate it.
My company has a foreign address and I report using magnetic media.
Call Costpoint Technical Support for help in adding a foreign address to the magnetic media file.
I made edits to some of my vendors' 1099 amounts in the Edit 1099 Information screen. Will these amounts change if I create 1099 information again that includes these vendors?
Yes. The Create 1099 Information screen will update your edits.
Can Costpoint print state income tax withheld?
No.
Will all three address lines for a vendor appear on the magnetic media file?
No. The IRS specifications provide room for only one address line. Costpoint inserts Line 1 into the file.