Payroll, W2 and 1099 Reporting Question and Answers

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Category Archives: 1099 Filing

QuickBooks 1098T

QuickBooks 1098T

QuickBooks 1098T forms can be printed using W2 Mate software, which can import data from QuickBooks and then map it into 1099 Tuition forms. W2 Mate can generate 1098-T forms for the IRS and for students. W2 Mate can also file electronically with the IRS FIRE System.

If you are interested in W2 Mate (a complete 1099 software for QuickBooks) you can download a free demo from this page:

http://www.realtaxtools.com/W2-Mate.html

 

FREE W2 1099 Software

 

QuickBooks 1098T Software Features

Review Criteria (Rating):
Excellent, Very Good, Good, Fair or Poor 		W2 Mate software capabilities
Print 1098-T Copy B For Student and Copy C For Filer on white paper. This feature is essential since schools and other educational institutions have a to file a huge number of 1098-T forms to students. Printing on white paper saves time and money. Yes
Print data on 1098-T copy A (for Internal Revenue Service Center) with the capability to move printed data up/down, left/right to achieve proper alignment Yes
No limitations imposed on the number of students or recipients Yes
Number of 1098 T filers such as schools, colleges and universities Unlimited
Ability to generate form 1096 with box “1098-T 91″ checked Yes
Support for the following 1098 Tuition Statement boxes: Box 1. Payments Received for Qualified Tuition and Related Expenses, Box 2. Amounts Billed for Qualified Tuition and Related Expenses and Box 3. Checkbox for Change of Reporting Method Yes
QuickBooks integration with the ability to map 1099 data stored inside QB as 1098-T forms (many schools and colleges use QuickBooks and are required to file 1098 Tuition) Yes
1098T import from Sage Peachtree Yes
1098T import from Sage DacEasy Yes
Microsoft Dynamics (Great Plains) integration for importing and generating 1098-T forms Yes
Data import from Microsoft Excel and Comma Separated Value (CSV) files Yes
Support for the following boxes: Box 4. Adjustments Made for a Prior Year, Box 5. Scholarships or Grants and Box 6. Adjustments to Scholarships or Grants for a Prior Year Yes
Support for 1098-T electronic filing. Compliance with IRS publication 1220 by populating Code “8″ under “Type of Return” in Payer “A” Record and proper values under positions 544-750 for Payee “B” Record including Half-time Student Indicator, Graduate Student Indicator, Academic Period Indicator and Method of Reporting Indicator. Yes
Ease of Use: Form 1098-T software should be easy to use no matter the level of computer and software programs skills Very easy and simple to use
Ability to create 1098T printing labels Yes
Includes 1098-T instructions such as: what to Report (Qualified tuition and related expenses, reimbursements or refunds, and scholarships or grants) and amounts to report. Yes
FREE Customer Support Free technical support by phone, email and chat
Limits on the total numbers of clients and recipients No
Data Backup: Keeping 1098-T forms data safe is essential. Backup and restore features guarantees data’s safety, even if its hardware fails. Yes (backup and restore)
How easy is the 1099 software program to install Very easy
Data Export: Exports 1098-T data to excel including account number, student’s address, student’s social security number and filer’s federal identification no. Yes
Intuitive interface, filer and student management screens Yes
Network Installation: 1098T Software can be installed on the network allowing users to log in from their own computers and giving supervisors access to 1098-T forms data from any machine. Yes
Email Support: Some 1098-T software vendors provide email support. Usually free of charge. Yes (free)
1098T Tutorials: Many vendors include tutorials, which walk the user through 1098-T printing and electronic filing editing step-by-step. Yes
Online Information/FAQs: Provides a FAQs page on the website to answer common questions about the 1098 Tuition Statement software. Yes
Phone Support: Provides customer service and technical support by phone free of charge. Yes (free)
Live Chat Support: live chat button support where you can receive instant answers to your questions such as how to setup a 1098-T recipient and so on Yes (free)
Strong Help utility/assistive features Yes
1098 T Software Supported Configurations Windows 98, Me, 2000, XP, 2003 Server, Vista, Windows 7.
Supports MAC operating system No, but you can use a solution for running Windows 1098-T applications on your Mac such as Parallels

 

FREE W2 1099 Software

 

1099R Software

1099R Software Features

1099R software is used by corporations, banks, retirement benefits providers, 1099 processing services, accountants and other businesses to print, process and eFile IRS 1099 retirement tax forms. Today we will discuss the features of W2 Mate software and how it compares to other 1099-R software applications.

If you are interested in W2 Mate (a powerful w2 and 1099 filing software) you can download a free demo from this page:

http://www.realtaxtools.com/W2-Mate.html

 

FREE W2 1099 Software

 

1099R Software Comparison Table

Review Criteria (Rating):
Excellent, Very Good, Good, Fair or Poor 		W2 Mate software capabilities
Print 1099-R Copy B For Recipient and Copy C For Payer on regular white paper Yes
Print data on 1099-R copy A (for Internal Revenue Service Center) Yes
Number of 1099 R recipients Unlimited
Number of 1099 R payers such as plan custodians, corporations, government agencies, employers, payers, trustees, or plan administrators Unlimited
Ability to generate form 1096 with box “1099-R 98″ checked Yes
Supports the different types of payments covered by form 1099-R including: IRA distributions , Life insurance contract distributions, Annuities, Loans, distribution from pension plan, Military retirement, Nonqualified deferred compensation Beneficiary, Charitable gift annuities, Pensions, Cost of current life insurance protection, Profit-sharing plan, Qualified plan distributions, Death benefits, Recharacterized IRA contributions, Roth conversion IRA contributions, Direct rollovers, Royalties, Section 1035 exchange, Severance pay, and SIMPLE distributions, Yes
Support for the following 1099 R boxes: 1 Gross distribution, 2a Taxable amount, Total distribution, Employee contributions /Designated Roth contributions or insurance premiums and 6 Net unrealized appreciation in employer’s securities. Yes
Support for the following distribution codes: 1: Early distribution, no known exception, 2: Early distribution, exception applies, 3: Disability., 4: Death., 5: Prohibited transaction., 6: Section 1035 exchange and 7: Normal distribution, 8, 9, A, B, E,F, G, H, J, L, N, P, Q, R, S, T, U and W. Yes
1099R import from Intuit QuickBooks accounting software Yes
1099R import from Sage Peachtree Yes
1099R import from Sage DacEasy Yes
Support for the following boxes: 9a Your percentage of total distribution, 9b Total employee contributions, 10 Amount allocable to IRR within 5 years, 11 1st year of desig. Roth contrib., 12 State tax withheld and State distribution. Yes
1099R import from Microsoft Dynamics (Great Plains) Yes
Data import from Microsoft Excel and Comma Separated Value (CSV) files Yes
Support for 1099-R electronic filing. Compliance with IRS publication 1220 by populating Code “9″ under “Type of Return” in Payer “A” Record and proper values under positions 544-750 for Payee “B” Record. The 1099-R electronic submission should also support all types of distribution codes under position 545-546: 1, 2, 3, 4, 5, 6, 7, 8, 9, A, B, D, E, F, G, H, J, L, N, P, Q, R, S, T, U and W. Yes
Ease of Use: 1099-R software that is intuitive, easy to understand and has simple data entry screens. Very easy and simple to use
Ability to create 1099R printing labels Yes
Includes 1099-R instructions such as: what to Report (Distributions from retirement or profit-sharing plans, any IRA, insurance contracts, and IRA recharacterizations.), amounts to report ($10 or more). Yes
FREE Customer Support Free technical support by phone, email and chat
Data Backup: Allows the user to backup and restore 1099 R data and records. Yes
Data Export: Exports 1099-R data to excel including Box 1. Gross distribution, Box 2a. Taxable amount, Box 2b. Taxable amount not determined, Box 2b. Total distribution, Box 3. Capital gain (included in box 2a) and so on. Yes
Email Support: Some 1099-R software vendors provide email support. Usually free of charge. Yes (free)
1099R Tutorials: Many vendors include tutorials, which walk the user through 1099-R printing and electronic filing editing step-by-step. Yes
FAQs / Knowledgebase: Provides a FAQs page on the website to answer common questions about the pensions, annuities and retirement software. Yes
Phone Support: Provides customer service and technical support by phone free of charge. Yes (free)
Live Chat Support: live chat button support where you can receive instant answers to your questions such as how to setup a 1099-R recipient and so on Yes (free)
Help Documentation Yes
1099 R Software Supported Configurations Windows 98, Me, 2000, XP, 2003 Server, Vista, Windows 7.
Supports MAC operating system No, but you can use a solution for running Windows 1099-R applications on your Mac such as Parallels

 

FREE W2 1099 Software

 

1099B Software

1099B Software Features

1099B software helps businesses, barter exchanges, CPAs and tax professionals prepare 1099 Broker and Barter Exchange tax forms. In this post we will discuss the features of W2 Mate software and how it compares to other 1099 barter exchange software solutions.

If you are interested in W2 Mate (a comprehensive w2 and 1099 reporting software) you can download a free demo from this page:

http://www.realtaxtools.com/W2-Mate.html

 

FREE W2 1099 Software

 

1099B Software Comparison Table

Review Criteria (Rating):
Excellent, Very Good, Good, Fair or Poor 		W2 Mate software capabilities
Print 1099-B Copy B For Recipient and Copy C For Payer on white paper Yes
Print data on 1099-B copy A (for Internal Revenue Service Center) Yes
Number of 1099 B recipients (Does the 1099 software impose any limitations on the number of 1099-B forms you can generate) Unlimited
Feature Set: How easy is the software in generating 1099-B forms and in entering / importing data Very easy
Number of 1099 B payers such as brokers, barter exchange(s) and financial institutions Unlimited
Ability to generate form 1096 with box “1099-B 79″ checked Yes
Compatible with Accounting and Tax Software: The software program allows for importing 1099-B information from other tax, accounting, book-keeping and spreadsheet applications. Yes
Does the software support both broker and barter exchange transactions or only supports one type of transaction Both broker and barter
Support for the following 1099 Broker and Barter Exchange boxes: Sales price of stocks, bonds, etc., Cost or other basis Wash sale loss disallowed and Type of gain or loss Yes
Password protection: Software can be setup with a required password to protect user and 1099-B forms information. Yes
1099-B data import from Intuit QuickBooks (essential feature for tax professionals and financial institutions using Intuit QuickBooks tax software) Yes (through a dedicated import wizard)
1099B import from Sage Peachtree and Sage DacEasy Yes (the import should be done once the year-end closing procedures are followed inside DacEasy or Peachtree )
Import from Microsoft Dynamics (both Dynamics GP and SL) and Great Plains Yes A dedicated wizard guides users through a number of steps meant to map vendors and 1099-B payments information within MS Dynamics.
Data import from Microsoft Excel and Comma Separated Value (CSV) files Yes
Support for the following boxes: Profit or (loss) realized on closed contracts, Unrealized profit or (loss) on open contracts, Bartering and Aggregate profit or (loss) on contracts Yes
Knowledgeable customer service representatives are available to assist users with any 1099-B software questions or inquiries Yes
Support for 1099-B electronic filing. Compliance with IRS publication 1220 by populating Code “B” under “Type of Return” in Payer “A” Record and proper values under positions 544-750 for Payee “B” Record such as Gross Proceeds Indicator, CUSIP Number, Recipient Indicator and Classes of Stock Exchanged. Yes (The simple, easy-to-use Electronic Reporting function inside W2 Mate system is designed to assist users in complying with IRS regulations for submitting yearend 1099-B information electronically)
Ease of Use: 1099-B software that is intuitive, easy to understand and has simple data entry screens. Very easy and simple to use
Ability to create 1099B printing labels Yes
Includes 1099-B instructions such as: what to Report (Sales or redemptions of securities, futures transactions, commodities, and barter exchange transactions.), amounts to report (All amounts). Yes
FREE Customer Support Free technical support by phone, email and chat
Data Backup: Allows the user to backup and restore 1099 B data and records. Yes
Data Export: Exports 1099-B data to excel including Payer’s name, street address, city, state, ZIP code, telephone no., Payer’s federal identification number, Recipient’s identification number and Recipient’s name Yes
Email Support: Some 1099-B software vendors provide email support. Usually free of charge. Yes (free)
1099B Tutorials: Many vendors include tutorials, which walk the user through 1099 printing and electronic filing editing step-by-step. Yes
FAQs / Knowledgebase: Frequently Asked Questions can often solve 1099-B reporting common problems. Yes
Telephone Support: A phone number (preferably toll free) you can call to get help with installation or 1099-B program help/questions. Yes (free)
Live Chat Support: live chat button support where you can receive instant answers to your questions such as how to setup a 1099-B recipient and so on Yes (free)
Help Documentation Yes
1099 B Software Supported Configurations Windows 98, Me, 2000, XP, 2003 Server, Vista, Windows 7.
Supports MAC operating system No, but you can use a solution for running Windows 1099-B applications on your Mac such as Parallels

 

FREE W2 1099 Software

 

1099 R Software: Print 1099R Forms from Staples, Office Depot or OfficeMax

Many office supplies stores such as Staples, Office Depot and OfficeMax sell IRS 1099-R Forms. But, most of these stores do not offer 1099 R Software in order to print on these tax forms.

 

One software, which can be used to print on 1099R forms (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) is W2 Mate.

 

W2 Mate is complete W2, 1099 and 1098 printing and electronic filing software for businesses and tax professionals. W2 Mate is used by thousands of professionals nationwide. You can click here to download FREE 1099 software demo

 

Generally, distributions from pensions, annuities, profit-sharing and retirement plans (including section 457 state and local government plans), IRAs, insurance contracts, etc., are reported to recipients on Form 1099-R.

 

W2 Mate can print 1099-R recipient copy on regular white paper, which eliminates the need to buy forms 1099R Copy B and saves businesses time and money. The software can also print on 1099R Federal Copy A (the copy you send to the IRS).

 

Examples of 1099R forms sold at office supplies stores:

  • 1099R Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, IRAs, Insurance Contracts, Federal Copy A 30% Recycled Laser Forms, Pack Of 50
  • 1099R Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, IRAs, Insurance Contracts, Recipient’s Federal Copy B 30% Recycled Laser Forms, Pack Of 50
  • 1099R Distributions From Pensions, Annuities, Retirement Or Profit-Sharing Plans, IRAs, Insurance Contracts, 6-Part 30% Recycled Mailers, Pack Of 100

Download a FREE trial of W2 Mate by visiting the FREE 1099 R Software page .

Form 1099 DIV Software for Staples 1099 DIV Forms

How can I print on 1099-DIV forms I bought from Staples?

We receive many questions from folks who bought 1099 DIV forms from staples and are looking for 1099-DIV software to print on these forms. We recommend using a software called W2 Mate to print on these forms. The software can print on Copy A 1099 Dividends and Distributions (For Internal Revenue Service Center) and can also print 1099-DIV copy B (For Recipient) on regular white paper so you don’t have to buy recipient copies.

Download a FREE trial of W2 Mate by visiting the FREE 1099 Software page .



Caution: Because paper 1099-DIV forms are scanned during processing, you cannot file with the IRS Forms 1099 Dividends that you print from the IRS website.

Send Copy B of form 1099-DIV to the recipient by January 31, 2012. File Copy A of form 1099-DIV with the IRS by February 28, 2012. If you file electronically, the due date is April 2, 2012.

how to do 1099′s

The easiest approach to do 1099′s is to find a form printing software.  In our experience, you will need a program like W2 Mate.   Using a software like W2 Mate will print 1099 Misc B, C, State 1 and 2 to blank paper and will print 1099 Misc A and 1096 forms to preprinted forms (per IRS regulations, www.IRS.gov).