Form 1099-NEC
Vantagepoint provides data for the 1099-NEC work file as detailed on the following tables. You can modify this information on the 1099-NEC tab that displays when you click Edit on the Actions bar.
Options
Field | Description |
---|---|
Void | This check box is usually cleared. Select it on the 1099-NEC tab of the Form 1099 Editor to include void 1099s. |
Corrected | This check box is usually cleared. Select it on the 1099-NEC tab of the Form 1099 Editor to include corrected 1099s. |
Exclude this vendor from 1099-NEC reporting | This check box is usually cleared. Select it on the 1099-NEC tab of the Form 1099 Editor to exclude the vendor from 1099-NEC reporting. |
Form
Box | Field | Description |
---|---|---|
PAYER’S Full Name, Address And Phone Number | The payer’s name, address, ZIP code, and telephone number, from the Form 1099 Processing form | |
PAYER’S Federal ID Number | The payer’s identification number, from the Form 1099 Processing form | |
RECIPIENT’S ID Number | The vendor’s identification number | |
RECIPIENT’S Name | This field displays one of the following, depending on the value that you choose in the
Payment Payee field on the Payments tab of the Accounts Payable form ( ):
|
|
Street Address (Including Apt. No.) | This field displays data from the vendor's primary address. | |
City, State, and ZIP Code | This field displays data from the city, state, and ZIP code in the vendor's primary address. | |
Account Number | This field displays the vendor number. | |
2nd TIN Not. | This check box is usually cleared. Select it on the 1099-NEC tab of the Form 1099 Editor. | |
1 | Non Employee Compensation | This field displays the Paid Last Year amount from the firm record. |
2 | Payer Made Direct Sales Of $5,000 Or More | Select this check box to report direct sales totaling $5,000 or more of consumer products for resale, on a buy-sell, a deposit-commission, or other basis. |
3 | Blank | |
4 | Federal Income Tax | This box is usually empty. Enter data through the 1099-NEC tab of the Form 1099 Editor. |
5 | State Tax Withheld | Enter data for one or two states. |
6 | State/Payer's State No. | Enter data for one or two states. |
7 | State Income | Enter data for one or two states. |
Parent Topic: 1099 Form Contents