By now you should have heard that the IRS requirements for the 1099-MISC form for 2011 are different this time around – and that you must do something about this if you are using QuickBooks. Here is a quick overview of what you need to know.
If you are using QuickBooks 2012 you need to upgrade to the R5 version to get the latest version of the 1099 Wizard. I won’t go into details on how to use this – see the excellent article by Laura Madeira on Tracking and Reporting Vendor 1099-MISC Payments. A very good, detailed explanation.
If you are using QuickBooks 2009, 2010 or 2011 you need to download a separate utility program to handle 1099’s. See the information and instructions from Intuit about the QuickBooks 1099 Assistant. This is NOT an update to your copy of QuickBooks itself, but a separate program.
- If you are a Currently enrolled ProAdvisor then you can download this for free. Log in to the ProAdvisor member website, click Download Your Software on the home page.
- If you are not a ProAdvisor then you will have to pay for this utility program. From the link I provided above you will click on the purchase link. The cost is $0.99.
I have no idea why Intuit has decided to charge $0.99 for this utility for versions of QuickBooks that are still being supported. I can understand why they haven’t released a last minute update within the program – the “wizard” is very different in QB 2012 than what you had in prior versions, and rushing out a last minut update would invite disaster. Having a separate utility like this makes a lot of sense. But why charge for it?
For Mac users, note that this utiltity is available for the 2010 and 2011 versions, with information available at this link.