SECTIONSPrepare Form 1099-NEC Data Fields
Here is a description of the fields on the Prepare Form 1099-NEC Data window on the Tax Reporting Task Launcher page.
Information
Key: * – Mandatory field
| Field | Description | |
|---|---|---|
| Company | * |
Lookup to the Accounting company that you want to retrieve data for. |
| End Date | * | Date on which or before which a cash matching must have been performed for transaction line items of type "Account" to be included in the 1099-NEC preparation process. The end date must also be after the start date. |
| Start Date | * | Date on which or after which a cash matching must have been performed for transaction line items to be included in the 1099-NEC preparation process. The start date must also be before the end date. |
Income Tax Type
Each field included in the following table corresponds to a box included in the Form 1099-NEC issued by the US Internal Revenue Service (IRS). For more information about the Form 1099-NEC boxes, refer to the IRS website.
Key: R – Read-only
| Field | Description | |
|---|---|---|
| 1 - Nonemployee compensation | The threshold value for each income tax type and each account. If the total value of the paid transactions is higher than or equal to the defined threshold value, the transactions are included in the 1099-NEC preparation process. The values must be monetary and can include decimal places. If you enter a value with more than two decimal places, the value is rounded to two decimal places. | |
| 2 - Payer made direct sales of 5000 or more (Checkbox) | ||
| 3 - Reserved for Future Use | R | This field is always set to 0.00 as is not considered in the 1099-NEC preparation process. The corresponding box on the Form 1099-NEC is currently not used. For more information, refer to the IRS website. |
| 4 - Federal income tax withheld | The threshold value for each income tax type. If the total value of the paid transactions for each account is higher than or equal to the defined threshold value, the transactions are included in the 1099-NEC preparation process. The values must be monetary and can include decimal places. If you enter a value with more than two decimal places, the value is rounded to two decimal places. | |
| 5 - State tax withheld | ||
| 6 - State/Payer's state no. | ||
| 7 - State income |
Buttons
| Button | Description |
|---|---|
| Prepare Form 1099-NEC Data | Retrieves the transaction line items of type "Account" eligible to be reported in the Form 1099-NEC based on the criteria defined in the fields. It also generates a CSV file that includes the details of the payments retrieved. |