1099s

Note:  This subtask is not available if you selected the PR Vendor checkbox on the main screen.

Use this subtask to store information about a vendor's calendar year payments and the vendor's 1099 requirements.

Vendor (ID, Name, Location)

The vendor ID, name, and location are displayed from the main screen.

1099's

Print 1099-MISC Form

Select this checkbox to create a 1099 for this vendor. You are not required to select the Print 1099-MISC Form checkbox before entering a tax ID. Selecting this checkbox will enable you to create and print 1099s for this vendor using the Create 1099 Information and the Print 1099s screens. This checkbox also sets the 1099 column on the voucher line level to checked for this vendor in the Enter A/P Vouchers screen.

Type

Select the type of 1099 payments made to this vendor. Costpoint flags the following types of 1099s:

• Acquisition or Abandonment of Secured Property (1099A)

• Proceeds From Broker and Barter Exchange Transactions (1099B)

• Crop Insurance Proceeds (1099CROP)

• Dividends and Distributions (1099DIV)

• Substitute Payments in Lieu of dividends or interest (1099DIVD)

• Federal Income Tax Withheld (1099FED)

• Fishing Boat Proceeds (1099FISH)

• Certain Government Payments (1099G)

• Interest Income (1099INT)

• Original Issue Discount (1099 OID)

• Taxable Distributions Received From Cooperatives (1099 PATR)

• Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. (1099R)

• Proceeds From Real Estate Transactions (1099 S)

• Rents (1099MISC, box 1)

Costpoint supports and prints the following types of 1099s:

• Royalties (1099MISC, box 2)

• Other (1099MISC, box 3)

• Medical (1099MISC, box 6)

• Non-employee Compensation (1099MISC, box 7)

Tax ID

Enter the tax ID for this vendor. We recommend that you enter the vendor's tax ID before issuing payment to the vendor. Currently, you are allowed to withhold a portion of the amount owed if you do not have a valid tax ID.