Viewing Previous 1099s in QuickBooks Desktop: A Comprehensive Guide

QuickBooks Desktop is a powerful tool for managing financial records, and one crucial aspect of that is handling 1099 forms for contractors.1 Viewing previous 1099s is essential for audits, record-keeping, and ensuring compliance with tax regulations. This guide will walk you through the process, along with frequently asked questions.

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Understanding 1099s and QuickBooks Desktop

Before diving into the steps, let's briefly understand what 1099s are and how QuickBooks Desktop handles them.

• 1099 Forms: These forms report payments made to non-employee contractors for services rendered.2 The IRS requires businesses to file 1099-NEC (Nonemployee Compensation) and 1099-MISC (Miscellaneous Information) forms for eligible contractors.3
• QuickBooks Desktop: This software allows you to track payments to contractors, generate 1099 forms, and maintain records of those forms.4

Steps to View Previous 1099s in QuickBooks Desktop

Here's how you can access and view previously created 1099 forms:

1. Open QuickBooks Desktop: Launch your QuickBooks Desktop application and open the company file containing the relevant data.

• Navigate to the 1099 Section:Go to the "Vendors" menu.
• Select "1099 Forms" and then "Print/E-file 1099 Forms."5
• Select the Year:In the "1099 Wizard," you'll typically be prompted to select the year for which you want to view 1099s.
• Choose the desired tax year from the dropdown menu.
• Review 1099 Data:The wizard will guide you through reviewing vendor information, payment thresholds, and 1099 details.
• Pay close attention to the "Review 1099 Information" section, where you can see the contractors and their corresponding 1099 amounts.
• Print or View 1099s:You can often print the 1099s directly from this section, or preview them on screen.
• If the forms were previously saved as PDF files, you can access them from the location you saved them to.
• Check Vendor Transaction History:For detailed information on specific vendor payments, you can review the vendor's transaction history.6
• Go to the "Vendors" menu and select "Vendor Center."7
• Choose the vendor and view their transaction history, which will show the payments that contributed to the 1099 amount.
• Review Previously E-filed 1099s:If 1099s were e-filed through QuickBooks, the information is stored within the software. Check the E-file history within the 1099 section.
• Check Saved PDFs or Printed Copies:If you saved or printed copies of the 1099s, search your computer's files or your physical filing system.
• Many users save the generated PDF files to a secure folder for long term storage.

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Q & A on Viewing Previous 1099s in QuickBooks Desktop

Here are some frequently asked questions and their answers:

Q: Can I view 1099s from multiple years at once?

A: No, QuickBooks Desktop typically allows you to view 1099s for one tax year at a time. You'll need to repeat the steps for each year you want to review.

Q: Where are the 1099 forms stored in QuickBooks Desktop?

A: QuickBooks Desktop stores the 1099 data within the company file. However, the actual printed or PDF versions of the forms are stored in the location you saved them to or printed from your computer. If you e-filed, the e-file history is maintained within the software.

Q: I can't find the 1099s I created last year. What should I do?

A:

• First, ensure you're in the correct company file.
• Double-check the tax year you've selected in the 1099 Wizard.
• Search your computer for PDF files with names related to 1099s.
• Check your printer's output tray or filing cabinet for physical copies.
• If you e-filed, check the e-file history section of the 1099 wizard.

Q: How do I correct a 1099 that was filed incorrectly?

A:

• In QuickBooks Desktop, you can create a corrected 1099.
• Go to the "Vendors" menu, then "1099 Forms," and "Print/E-file 1099 Forms."
• Select the year and follow the wizard.
• When you reach the "Review 1099 Information" section, you'll have the option to mark a 1099 as corrected.
• You'll need to file a corrected 1099 with the IRS and provide a copy to the vendor.

Q: Can I export the 1099 data to a spreadsheet?

A: While QuickBooks Desktop doesn't directly export 1099 data in a single click, you can generate reports that contain the necessary information and then export those reports to Excel. For example, vendor summary reports or transaction detail reports.

Q: How long should I keep copies of 1099 forms?

A: The IRS generally recommends keeping copies of 1099 forms for at least three years from the date you filed them, or two years from the date you paid the tax, whichever is later. However, it's often advisable to keep them for longer periods for audit and record-keeping purposes.

Q: Can I view 1099s if my company file is damaged or corrupted?

A: If your company file is damaged, you may need to restore a backup. If you don't have a backup, you may need to consult with a QuickBooks data recovery specialist.

Q: Does QuickBooks Desktop automatically track 1099 payments?

A: Yes, QuickBooks Desktop helps track payments to vendors that are marked as 1099 vendors.8 It streamlines the generation of 1099 reports. It is still up to the user to correctly mark vendors and to correctly input transactions.

Q: I have switched computers, and can no longer find my old 1099 data.

A: The Data is within the old company file. If that company file was not correctly transfered to the new computer, then you will have lost access to the information. If you have a backup of the old company file, that would be the best way to regain access.