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
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 |