1099 Interest Income Software Features
1099 interest income software helps banks, tax professionals and financial institutions prepare interest income tax forms. In this post we will discuss the features of W2 Mate software and how it compares to other 1099-INT software applications.
If you are interested in W2 Mate (a complete w2 and 1099 printing and electronic filing software) you can download a free demo from this page:
http://www.realtaxtools.com/W2-Mate.html
1099 Interest Software Comparison Table
| Review Criteria (Rating): Excellent, Very Good, Good, Fair or Poor |
W2 Mate software capabilities |
| Print 1099-INT Copy B For Recipient and Copy C For Payer on white paper (No need to buy special 1099-INT forms for submitting recipient copies) | Yes |
| Print data on 1099-INT copy A (for Internal Revenue Service Center) with the ability to move data up and down, left and right | Yes |
| Number of 1099 INT recipients | Unlimited |
| Number of 1099 INT payers such as banks, savings and loan associations, mutual savings banks, building and loan associations, cooperative banks, homestead associations, credit unions, or similar organizations | Unlimited |
| Ability to generate form 1096 with box “1099-INT 92″ checked (Form 1096 is used to transmit paper Forms 1099-INT (among other tax forms) to the Internal Revenue Service) | Yes |
| Support for the following 1099 Interest Income boxes: Box 1. Interest Income, Box 2. Early Withdrawal Penalty, Box 3. Interest on U.S. Savings Bonds and Treas. Obligations, Box 4. Federal Income Tax Withheld and Box 5. Investment Expenses. | Yes |
| 1099INT import and mapping from Intuit QuickBooks:QuickBooks does not support 1099 interest forms, this is why this feature is very importing for printing and e-filing QB 1099 INT | Yes: Imports 1099 data from QuickBooks and maps it to 1099-INT |
| Sage Peachtree 1099-INT import and mapping.Peachtree only supports 1099-INT Box 1 and does not support 1099-INT electronic filing. With this feature PT users can print and electrically submit 1099-INT forms. | Yes |
| 1099INT import and mapping from Sage DacEasy (DacEasy only supports forms 1099-MISC) | Yes: Imports 1099 data from DacEasy and maps it to 1099-INT |
| 1099INT import and mapping from Microsoft Dynamics (Great Plains: Important for MS Dynamics 1099-INT electronic filing | Yes (Imports and E-files Dynamics 1099-INT) |
| Data import from Microsoft Excel and Comma Separated Value (CSV) files | Yes |
| Support for the following boxes: Tax-exempt interest, Specified private activity bond interest and Tax-exempt bond CUSIP no. | Yes |
| Ability to assign account number per recipient | Yes |
| Support for 1099-INT electronic filing. Compliance with IRS publication 1220 by populating Code “6″ under “Type of Return” in Payer “A” Record and proper values under positions 544-750 for Payee “B” Record including Foreign Country or U.S. Possession and Second TIN Notice and CUSIP Number | Yes |
| Ease of Use: 1099-INT software that is intuitive, easy to understand and has simple data entry screens. | Very easy and simple to use |
| Automatic Software Updates: Application updates are available and take place automatically | Yes |
| On-Premise Solution: Users can install the 1099INT software locally or on a network of computers and does not require the internet to use. | Yes |
| Ability to create 1099INT printing labels | Yes |
| Includes 1099-INT instructions such as: what to Report (Interest income), amounts to report ($10 or more ($600 or more in some cases)). | Yes |
| FREE Customer Support | Free technical support by phone, email and chat |
| Data Backup: Allows the user to backup and restore 1099 INT data and records.Computers are prone to failure as much as any other type of electronic device. When computers crash, the results can be catastrophic. Backing up 1099-INT data is vital for 1099INT software. | Yes |
| Data Export: Exports 1099-INT data to excel including Payer’s RTN, interest income, early withdrawal penalty, recipient’s name and PAYER’S federal identification number | Yes |
| Email Support: Some 1099-INT software vendors provide email support. Usually free of charge. | Yes (free) |
| 1099INT Tutorials: The vendor has created tutorials for the user to read or watch to better understand the abilities of the 1099-INT solution. | Yes |
| FAQs / Knowledgebase: Provides a FAQs page on the website to answer common questions about the Interest Income software. | Yes |
| Phone Support: 1099INT program manufacturer allows software users to get in touch with them via the telephone | Yes (free) |
| Chat: Online, instant support provided through a chat or instant messaging type service. | Yes (free) |
| Help Documentation | Yes |
| 1099 INT Software Supported Configurations | Windows 98, Me, 2000, XP, 2003 Server, Vista, Windows 7. |
| Supports Macintosh operating system | No, but you can use a solution for running Windows 1099-INT applications on your Mac such as Parallels |