Generating the MoxiBalance 1099 Report
Select “Offices” from the upper-navigation menu and then highlight the office (they will turn blue) for which you would like to run the report.
Under the “Reports” drop-down menu, select “Office Reports” on the left-hand side.
Select the Office 1099 Breakdown report. Select the office from the drop-down and set the dates for the year and “Launch Report”.
A report will appear on a new tab (if you don’t see the report, ensure you do not have a pop-up blocker enabled). The report will detail the agent’s income and expense items and any other items that may have passed through the agent as a vendor. This report will automatically redact the “Office Fee (payment)” item. Typically the agents are tracking how much they have paid toward their office bill, or you can generate the “Agent Invoice Summary (Cash)” report to give them a breakdown of their customer file. We do this to ensure the payments aren’t deducted twice. The other item that is redacted is “Paid by Title”. Even though you may have an agent who was paid by title, the brokerage is still required to 1099 them for the commission.
For Gross 1099s, you will want to include all positive values indicating income to the agent. In the example below, agent “Agent, Demo TL” has a gross commission of $979,165.12 and an Admin Fee of $200 that was collected from the client, which was separate from commissions. You would add these 2 amounts to the agent's total gross commissions. In the box 7 setup, you select the “Commissions Payable” GL along with any other income GLs. For the example office below, box 7 would have Commissions Payable, Admin Fee (Client), and Referral Payable.
For Net 1099s, you will also include the GLs from the corresponding line item deductions you took from the agent’s gross commissions in box 7. (Note: if you do not see one or more of the GLs you need to select for your agent’s expenses, that may be to the item being set up as an income account. See instructions below on converting those items to a Cost of Goods Sold account.
This report is also helpful for identifying where accounting mistakes may have happened and indicate that further investigation may be necessary. In the example below, I might need to look further into the AP for “Agent, Demo”.
A few notes:
If you have agents that have moved between your offices, and those offices have separate QuickBooks files, they may potentially be receiving 2 different 1099s. If they have moved between 2 offices that share the same QuickBooks file, the agent will appear on both office's reports with the same gross commission. You would want to ensure they only receive one 1099.
If you are unable to find a GL that you need to be in box 7, you may need to change the GL to a Cost of Goods Sold account. (If they are subaccounts, either the parent must also be changed, or the account must be removed from the parent)
A couple of other reports that are helpful during the end-of-year financial process are:
Once you have your reports from our system, you can move on to prepare your 1099’s in QuickBooks. Before beginning the process, you may want to ensure you have marked all your appropriate agents/vendors to be tracked for 1099’s in QuickBooks. Please see the instructions for 1099 tracking.
You can print or e-file through QuickBooks by following their 1099 instructions below:
Prepare and file Federal 1099s using QuickBooks Online
Learn how to prepare and file your Federal 1099s with QuickBooks Online.
With QuickBooks Online, you can prepare 1099s and e-file them with the Intuit 1099 E-File Service. We'll also mail a printed copy to your contractors at no additional cost when you e-file through Intuit.
Important: Be sure to e-file before January 28th, 2020 at 5:00 PM PT so your 1099s can be postmarked to your contractors by January 31, 2020. 1099s can be e-filed through January 31, 2020, to be on time with the IRS.
Using QuickBooks Desktop? Learn how to prepare and file 1099s in QuickBooks Desktop instead.
Not sure if you need to file 1099 with your state? See if you need to file 1099 with your state.
Need to file an extension for form 1099? See Form 8809 - Application for Extension of Time to File Information Returns
How to prepare your 1099s in QuickBooks Online
Preparing your 1099s before filing is important and helps you make sure all the information is correct. Here's how:
Go to the Workers menu and select Contractors. Or select Expenses and then Vendors.
Select Prepare 1099s and then Let’s get started.
Make sure your company name, address, and tax ID matches are correct and match what is found on tax notices or letters from the IRS.
Select the boxes (1-14) that represent the type of payments made to all of your contractors this year.
Note: Most businesses choose Box 7: Nonemployee Compensation. For more info, see Form 1099-MISC instructions on the IRS website.
Then select boxes that represent the expense accounts where you track the payments. Select Next.
Verify that all of your contractors show up and that their personal info and email addresses are correct. If you’re missing a contractor, select Add from the Vendor list and select any additional 1099 contractors from your QuickBooks Vendor list. Then select Next.
Review the payment totals for each box you selected in step 5. Note that you won't see payments you made electronically (such as by credit card, etc.) because these are reported for you by the credit card company. If you don’t see all of the payments you expect, you can verify the year just above the Vendor column.
Select Finish preparing 1099s.
Select Go to 1099 E-File Service to e-file your 1099s.
Note: If any information can't be imported from QuickBooks Online, you'll be prompted to enter the missing info.
After preparing 1099s, you will have the option to choose whether to e-file or manually mail and submit. The steps for e-filing your 1099s are listed below.
How to e-file your 1099s
Now that you've prepared and verified that the information is correct on your 1099s, it’s time to e-file.
After preparing your 1099s, select the E-File for me option.
Verify your 1099 Forms, then select Continue.
Review your 1099 Forms and make sure that the information brought over from QuickBooks Online is correct. Select all or select only the 1099 forms you want to submit. Then select Continue.
If you want to review company and vendor information before proceeding, select Back to Home.
Enter your billing info, then select Approve. This information isn't imported from QuickBooks Online. First-time users will be prompted to enter billing and credit card information.
Review the number of forms and the total amount, then Approve.
Choose the delivery option for contractor copies.
If you do see this screen and select Yes, you'll be asked to verify or enter missing email addresses for your contractors. If you select No, no further action is needed. Select Continue.
If you don't see this option, you've already opted-in to provide your contractors online access to their 1099s.
Verify or enter missing email addresses for your contractors so that we can send access to view their 1099 forms online.
All contractors with email addresses will receive an invite to access their 1099 forms online. See Invite a contractor to add their own 1099 tax info for more details.
If an email address is incorrect, you'll need to update the contractor's email address in QuickBooks, and then go back through the 1099 e-file flow. This will ensure that the contractor receives the invitation to access their 1099 forms.
If the email address field is left blank, we'll still e-deliver the 1099 copy to the email address previously saved in your QuickBooks Online account.
Download and Submit 1099 Forms “Employer: Copy 1 & Copy C” and “Contractor: Copy B & Copy.”
If you select the View forms button, you'll only get Copy A that we sent to the IRS. Other 1099 copies are available from the Home page.
Submit final forms to submit. Make sure that you have reviewed the 1099 forms before submitting as we do not handle corrected forms.
Note: The paper version of Copy A of Form 1099 is for your records. You shouldn't print or mail this form to the IRS.
What happens next with my 1099?
How can I file another set of 1099s?
Open QuickBooks Online, select Workers from the left menu, then Contractors, and then Prepare 1099s. If contractors are not added yet, add them first before going to the 1099 e-file flow.
How do I modify unsubmitted 1099s?
If you need to update 1099, you’ll need to go back to your QuickBooks Online and go through the 1099 e-file flow again for any 1099s you select.
What do I do if I need to submit a correction?
The 1099 E-File Service doesn't let you make corrections to a 1099 form after it has been e-filed. You can, however, make corrections in a printed copy and send it by mail to the IRS. For more information about correcting a 1099 form that has already been e-filed, check the IRS website.
Note: If the contractor or recipient of the 1099-MISC form wants the information corrected, you will need to provide the corrected return to the recipient or contractor and file it again.
When do I need to submit a correction?
If you are unsure if a change is significant enough to warrant a correction, the guidelines for Safe Harbor for de minimis are listed below.
The withholding amount (that is, the difference between the actual amount withheld and the amount filed) is less than $100.
The difference between the dollar amount reported for tax withheld and the correct amount is no more than $25.
What can I do after I file my 1099s?
Need to see totals for each contractor along with their account number and tax ID?
If you want to see what you’ve paid your vendors, you can run a couple of different reports. How do I check the status of my filing?
If you want to check your status, you need to return to your 1099 E-File account.
Below is the list of statuses and what they mean:
Not Submitted: You have not e-filed Form 1099 MISC with the IRS. You can continue revising it.
Received by IRS: The IRS has received your form and is either processing it or has already processed and approved it. Customers who have submitted their 1099 E-File forms will receive a confirmation email approximately a week after the IRS accepts and confirms submissions. You may not receive this confirmation until the middle of January or later.
Can I access archived or previously filed forms?
Yes. You can access archived or previously filed 1099 forms that are from January 1 through April 30 at any time by logging into your 1099 E-File Service account.
How do I sign up and file for multiple filing companies?
Once you’ve logged into the Intuit 1099 E-File Service you will see the last company you filed for on the Toolbar. Select the dropdown and then "Add another Intuit 1099 E-File Service Subscription. This will give you a page to begin entering the next company's information.
Note: Each subscription for each company is a separate fee.